VCC Spotlight: Mayfield Station

Village Capital Corp. (VCC) is the lending subsidiary for Cleveland Neighborhood Progress. It provides real estate financing to catalytic developments in Cleveland. Mayfield Station in Little Italy is a recent project where VCC has made a loan investment.

Tim and Ned Perotti, principals of Perotti Development have a simple model for success: create well-conceived, well-located housing projects. The Perotti brothers’ newest project and their fourth development in the greater University Circle area, “Mayfield Station,” is a shining example of this model. In July 2018, Perotti broke ground on a $7.0 million, six-story, 40-unit apartment complex located at 11905 Mayfield Road. Village Capital Corporation was pleased to make a $500,000 loan investment into the project.

Mayfield Station embraces the Perotti’s values of driving economic vibrancy, environmental sustainability, and resident interaction by developing housing that is close to employment centers, community assets, and transit lines. The project sits on the eastern edge of Cleveland’s University Circle neighborhood and western edge of the Little Italy neighborhood, two neighborhoods that are rich in cultural, educational, and entertainment amenities. The project abuts the RTA Mayfield Station stop and renovated municipal parking lot, attractive assets for commuters.

The apartment suites at Mayfield Station will feature efficient floorplans and high-quality appointments such as hardwood floors, stainless steel appliances, granite countertops, and front loading stackable washer-dryer units. The project offers 5 studio units and 35 one-bedroom units some of which will have private outdoor balconies. Leasing will open in summer 2019.