Berkadia Secures $50M in Financing for Cleveland Project
The company secured the loan from Related Fund Management for the development of Centric Apartments, a 272-unit community.
By Laura Calugar
11601 Mayfield Road in University Circle, the location of the future Centric Apartments in Cleveland
Cleveland—Berkadia recently announced that it has arranged a $50 million loan for Centric Apartments, a new community in the Cleveland Heights submarket. The deal was completed on December 20th and the loan was secured from Related Fund Management. The borrower was Midwest Development Partners LLC, based in Shaker Heights, Ohio. The non-recourse construction loan features a three-year, interest only initial term, with two one-year extension options.
Centric Apartments will be located at 11601 Mayfield Road in University Circle, the city’s arts, educational and medical hub. The property is directly adjacent to the Little Italy-University Circle RTA light-rail station. It will comprise 272 units, 27,000 square feet of commercial space, a 360-space parking garage and two-thirds of an acre of public green space. The property is being developed by Midwest Development Partners, Coral Co. and Panzica Construction Co.
“The project–which was several years in the making–will fill a major need in the University Circle market and complete the transformation of a site which is considered by many as the best multifamily location in the city,” said Dan Geuther, director with Berkadia.
Initially, Centric Apartments was known as Intesa, a $100 million mixed-use project with high-tech offices. Ground breaking was scheduled for early 2013, but construction was delayed.
Image via Google Street View
