K&D Closes on $62 Million Financing Package for Leader Building Conversion Project

By Stan Bullard, Crain's Cleveland Business

Look for conversion of the 15-story Leader Building to a primarily residential building to begin immediately, Willoughby-based K&D Group announced Thursday, Sept. 10.

Doug Price, K&D principal and CEO, said in a news release that work is beginning soon because the company recently closed on a $62 million financing package for the project.

The project uses federal and state Historic Preservation Tax Credits, which Price said attracted PNC Bank to serve as its lead lender. PNC also assisted the real estate development and management firm in coordinating the complicated financing package that will make the project a reality.