CLEVELAND – January 7, 2019 – Berkadia today announced the $33.2 million financing secured for the US Bank Centre, a 15-story office property in Cleveland’s Theater District. Senior Managing Director Mark Vogel and Director Dan Geuther of the Cleveland office secured the financing through Bank of America Merrill Lynch, on behalf of Ohio-based The Wolstein Group. The deal closed on December 28.
The 10-year fixed-rate loan features a 67 percent loan-to-value ratio and two years of interest only payments.
“The US Bank Centre is an impressive office space located in a vital part of the city,” said Vogel. “It was exciting to work with Bank of America on this transaction on behalf of The Wolstein Group, which is strongly invested in the city of Cleveland.”
Earlier in December, Berkadia’s Cleveland team also secured $100 million in refinancing for Ernst & Young Office Tower in Cleveland on behalf of The Wolstein Group.
Located at 1350 Euclid Ave., the US Bank Centre offers convenient access to Cleveland’s robust theater district, including Playhouse Square and a number of hotels, businesses and restaurants. The property features 255,072 square feet of leasable office space, and on-site amenities include garage parking.