Berkadia Arranges $100M Refi for Cleveland Office Tower | Connect Commercial Real Estate
Berkadia Provides $100 Million of Financing for Iconic Cleveland Tower | REJournals
Cleveland Office Tower Receives $100M Refi | Commercial Property Executive
CLEVELAND – December 14, 2018 – Berkadia today announced the $100 million financing secured for Ernst & Young Office Tower, a 23-story office property in downtown Cleveland. Senior Managing Director Mark Vogel and Associate Director Eric Bevilacqua of the Cleveland office secured the refinancing through JP Morgan with mezzanine debt from Axonic, on behalf of Ohio-based The Wolstein Group. The deal closed on December 6.
The two-year permanent refinancing features an adjustable interest rate, three one-year extension options, an 80 percent loan-to-value ratio and interest only payments.
“We were honored to work through this complicated transaction on behalf of The Wolstein Group and are thrilled with the resulting financing terms,” said Vogel.
Located at 950 Main Ave., Ernst & Young Office Tower offers convenient access to the area’s restaurants, commuter rail and the waterfront district of Cleveland. The property features 465,000 square feet of leasable office space, and on-site amenities include garage parking, a dry cleaner, a fitness center and a concierge. The building was 95 percent occupied at the time of the financing.