LISC Cleveland invests $7.4M in Park Synagogue mixed-use arts and community redevelopment project

The Local Initiatives Support Corporation (LISC) Cleveland has committed $7.37 million to the  redevelopment of Park Synagogue in Cleveland Heights, Ohio as a mixed-use arts and community campus that preserves the historic landmark while expanding cultural, educational, and community access. The financing, structured as a bridge loan in partnership with Enterprise Community Loan Fund and backed by public and private capital, will back tax credit financing for the roughly $60 million project. The project includes a 40,000-square-foot arts and education center, a 25,000-square-foot academic facility in collaboration with Oberlin College, public green space, housing, and geothermal infrastructure.