Berkadia Arranges $117M in Cleveland Refis
The Freddie Mac loans will be used for two properties, Edison at Gordon Square and Innova.
In the face of the volatile market, Berkadia has secured $117 million in refinancing for two properties in Cleveland, Ohio. Berkadia’s Senior Managing Director Mark Vogel and Director Dan Geuther from the Cleveland office secured the permanent refinancings for both properties through Freddie Mac.
Located at 6060 Father Caruso Drive, Edison at Gordon Square received $59.7 million in financing that was arranged by Geuther for the sponsor, The NRP Group. The 15-year loan for the 306-unit community comes with one year of interest only and a competitive interest rate. Edison at Gordon Square offers one-, two- and three-bedroom floorplans with amenities including a heated swimming pool, outdoor kitchen, courtyard patio, fitness center and business center.
Berkadia also arranged $57 million in financing for the 247-unit Innova. The 12-year loan features an 80 percent loan-to-value ratio and a competitive interest rate and was secured for the borrower, The Finch Group. Located at 10001 Chester Ave., Innova has studios, one- and two-bedroom floorplans and its amenities include a sky deck with a grilling station and fire pits, a lounge, a parking garage, and a fitness center with laundry facilities.
Vogel said in prepared remarks that the team was able to secure the refinancings in a short time frame and amidst significant market volatility. In November, Geuther also arranged a $68 million Freddie Mac loan for the 272-unit Centric Apartments in Cleveland.