By Kelly Claypool
Wednesday, October 28th, 2014
Lake Park Tower (http://www.lakeparktower.com/), which overlooks beautiful Forest Hill Park on the historic John D. Rockefeller estate and has expansive views of Cleveland and Lake Erie, has seen many changes in the last two years. Built in 1963 with a luxurious rooftop restaurant frequented by Frank Sinatra, Lake Park Tower was long known as an upscale residential property. Over the years, it served as home to NFL football players, local financial leaders, doctors and world-class musicians. Unfortunately, a 2006 fire severely damaged the building’s electrical system, and while there were no injuries, the damage ultimately led to foreclosure.
Ironically, the fire proved to be the catalyst to the Tower’s rebirth through new investment. The 300-foot-tall Tower’s solid construction along with improving Cleveland economics caught the eye of one of the country’s foremost investors in distressed assets, Las Vegas-based Moonbeam Capital Investments LLC (http://www.moonbeamproperty.com), whose affiliate purchased the property in 2014. The Moonbeam group of companies is renowned for acquiring distressed properties throughout the country and successfully turning them around. Lake Park Tower is no exception to Moonbeam's track record of success.
Since acquiring Lake Park Tower, Moonbeam’s affiliate has made substantial improvements to every aspect of the elegant structure, including enhancements to the mechanical infrastructure, luxurious appointments to common areas, and modern upgrades to the interior of the residential units. Lake Power Tower now boasts new meeting areas, a gym, improved electrical and security systems, modernized elevators, a redesigned lobby and ongoing renovations to hallways and apartments.
"Lake Park Tower is an excellent investment in a prime location near University Circle," stated Moonbeam’s Chief Executive Officer, Steven Maksin. "We are committed to ongoing investment to upgrade it even further. As a proud corporate partner in East Cleveland, we are fully committed to the local economy."
Lake Park Tower’s Asset Manager, Paxton Schneider of Alexander Forrest Investments, LLC added, "Our residents work for a variety of employers including Cleveland Clinic, Case Western and the City of Cleveland and enjoy Lake Park Tower’s friendly community, easy accessibility and amazing views. As the property’s Asset Manager, we appreciate working with an owner who has an outstanding long-term vision for the property and understands Cleveland’s dynamic growth potential."
If you are interested in learning more or visiting the Lake Park Tower, it will hold an open house on November 13 from 11am to 2pm. You can contact Paxton Schneider at 573-449-7332 for any questions.
Moonbeam Capital Investments LLC is one of the fastest growing unleveraged, private equity funds in the country. The Moonbeam group of companies specialize in acquiring delinquent commercial real estate loans and underperforming assets and focus on stabilizing and enhancing its properties as long-term investments. Over the last few years, Moonbeam’s affiliates have acquired more than fifty properties totaling over 14 million square feet of gross leasable area, including enclosed malls, shopping centers, office buildings, an apartment building and a hotel.
Claypool, Kelly (2014, October 8). The transformation of Lake Park Tower. University Circle.com (May 6, 2015). http://www.universitycircle.org/news/2014/10/the-transformation-of-lake-park-tower