Legacy Village is more than just a lifestyle retail center. Completion of the $128 million project in 2003 was a landmark event in suburban Cleveland, which previously suffered from a dearth of upscale retail properties. National partnered with Cleveland-based First Interstate Properties to provide vital equity capital to the project. Additionally, National was able to significantly enhance the creditworthiness of the financing by putting the weight of its client's substantial balance sheet behind limited construction loan recourse. After Legacy Village was completed and leased, National further augmented investment returns for its client and National's development partner, by arranging a partial sale of the property to a well-known institutional investor. National’s financial strength was vital to the development and our wide-ranging contacts maximized the project’s return potential.
Please visit Legacy Village's website at www.legacy-village.com.
- Multi-anchor “lifestyle” retail center
- 590,000 SF
- Lyndhurst, OH
- Partnership with local developer, First Interstate Properties
- Equity capital
- Partial construction loan guaranty
- Institutional investor to buy stabilized interest