Berkadia Secures $68M Loan for Cleveland Community
- Nov 06, 2019
Berkadia has secured $67.6 million in financing on behalf of Midwest Development Partners, the developer of the 272-unit Centric Apartments in Cleveland. Director Dan Geuther arranged the Freddie Mac mortgage, which was initially slated to be a lease-up loan. Due to the fact that the lease-up process went faster than anticipated, Geuther switched financing products during the processing phase, increasing the loan amount and improving deal terms for the sponsor, at the same time.
Formerly known as Intesa, Centric is located at 1999 Circle Drive, at the corner with Mayfield Road, near world-renowned attractions such as Cleveland Museum of Art, Cleveland Natural History Museum and the Cleveland Orchestra. The community is close to two neighborhoods: Little Italy to the left and Uptown to the right.
Midwest Development Partners started redeveloping Centric in 2017 and completed it this year, according to Yardi Matrix data. The mixed-use community includes 28,000 square feet of retail space, leased by Tremont Athletic Club and Sweet Kiddles. Part of the units are designed for student housing. Centric features studio, one- and two-bedroom floorplans and provides access to a sky deck, pet spa, café, clubroom and art classes. The high-end property is subject to an unsubordinated net ground lease held by the Cleveland-Cuyahoga County Port Authority, per Yardi Matrix.
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