Cleveland-Area Community Lands $25M Fannie Mae Loan

Located in Willowick, Ohio, Shoregate Towers features 404 units. Dougherty’s Minneapolis office arranged the 15-year loan with a 30-year amortization schedule.
The Shoregate Towers in Willowick, Ohio
The Shoregate Towers in Willowick, Ohio

Dougherty Mortgage has closed a $24.8 million Fannie Mae loan for the refinancing of Shoregate Towers, a 404-unit multifamily property in Willowick, Ohio. The 15-year loan has a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the financing for borrower Shoregate Towers NS LLC.

Located at 30901 Lakeshore Blvd., the property is approximately 16 miles away from downtown Cleveland and in close proximity to dining and shopping destinations. The unit mix consists of one- and two-bedroom apartments, ranging in size from 534 to 935 square feet. According to Yardi Matrix data, amenities of the lakefront property include:

  • fitness center
  • business center
  • community room
  • swimming pool
  • laundry facilities
  • 580 parking spaces

Built in two phases, in 1971 and 1972, the two-building community features 12 stories. Occupancy was 96.8 percent as of October.  

Image courtesy of Yardi Matrix