Magnolia on Detroit Celebrates Grand Opening

(Magnolia on Detroit is a 126-unit family housing development in Cleveland, Cuyahoga County, Ohio developed by the Levin Group, Inc.)

November 14, 2014 – Development partners celebrated a grand opening for Magnolia on Detroit, which received a $15 million renovation of 126 units of affordable housing for families in the Gordon Square Arts District–a Cleveland neighborhood that is being revitalized with performing arts venues, ethnic restaurants, and housing.

The renovation of Magnolia on Detroit involved six existing buildings: two historic brick apartment buildings located on Detroit Avenue; and four buildings (walk-ups) constructed in the early 1960s. After rehabilitation, all units feature new floor coverings, kitchen cabinets, new bathrooms, new Energy Star appliances, air conditioning, new windows and new roofs. A new 2,500 square foot community building with a manager's office was also added to the project.

Site amenities include perimeter fencing, improved lighting, security cameras, additional off-street parking, upgraded laundries in all buildings, community garden, fenced mulched tot lot, and mail delivery to boxes located in each building.

Magnolia on Detroit was developed using a combination of low-income housing tax credits administered through the Ohio Housing Finance Agency, funding from the City of Cleveland's Housing Trust Fund, a new HUD-insured mortgage through Red Mortgage Capital, LLC, and an Equity Bridge Loan through the Ohio Capital Finance Corporation. Equity investment was provided by Ohio Capital Corporation for Housing.

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