CLEVELAND - With $2 million in construction financing from KeyBank, Perotti Development LLC is set once again to provide sophisticated urban living environments in the Larchmere Boulevard area.

The two-building, 13-unit project is set to open in late summer and already more than half of the townhouses have been sold. KeyBank is also providing mortgage financing for the project, and the City of Cleveland Department of Community Development has made available 15-year, 100 percent tax-abatement for buyers of the townhouses.

"You won't see a configuration like this anywhere else in the city," says Tim Perotti, principal of Perotti Development LLC. "We chose Larchmere because it is an excellent neighborhood - a true gem of Cleveland. The units are very close to University Circle as well as Case Western Reserve, University Hospitals and the Cleveland Clinic - organizations that are an engine of growth in Cleveland. People want to live in a cool neighborhood that's close to work and that's exactly what we're giving them."

A pre-construction open-house last week gave buyers and prospects a chance to talk with the architect and contractor as well as real estate agents and KeyBank mortgage specialists.

"We have a passion for the kind of urban renewal made possible through Perotti Development," says Lisa Oliver, president of KeyBank's Cleveland District. "Tim and Ned have taken some well-calculated risks that are making a difference, and we're happy to be a part of their formula for success right here in our hometown."

Key and Perotti Development successfully collaborated on the Larchmere Lofts condominiums in 2003 and 2004, with Key again providing construction and mortgage financing. At that time, the project was the first new construction, mid-rise condominium ever built on Cleveland's east side.

Key lends more than $500 million nationwide each year through its community development bank and recently received its sixth consecutive "Outstanding" awarded by the Office of the Comptroller of the Currency (OCC) for continuing efforts to exceed the terms of the Community Reinvestment Act. By comparison, less than 14 percent of all financial institutions in the United States receive one "Outstanding."

About Perotti Development LLC
Perotti Development LLC was founded by brothers Tim and Ned Perotti, who have been involved in residential real estate for over 20 years. They are longtime residents of the Cleveland area, who use their industry experience and knowledge of the City of Cleveland and its neighborhoods to create the type of innovative, well located, quality housing developments that customers demand.

About KeyCorp
Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $93 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.

Note to Editors: For up-to-date company information, media contacts and facts and figures about Key's lines of business, visit our Media Newsroom at Key.com/newsroom.

KeyBank

KeyBank

KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $176.2 billion at March 31, 2021. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,100 branches and more than 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC. 

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