CLEVELAND – July 29, 2021 – Berkadia today announced the financing secured for The Beacon, a high rise multifamily property located in Cleveland, Ohio. Senior Managing Director Mark Vogel and Managing Director Dan Geuther of Berkadia Cleveland secured the $72.9 million in refinancing on behalf of the borrower, Ohio-based Stark Enterprises. The deal closed on July 22.
The seven-year loan through KKR features a four percent interest rate and a 65 percent loan-to-value ratio.
“Securing this loan demonstrates the current strength of the institutional lending market and the resilience found in Cleveland’s apartment stock coming off the pandemic,” said Vogel.
Located at 515 Euclid Ave., The Beacon features one- and two-bedroom floor plans with air conditioning, hardwood floors, in-unit washers and dryers and nine-foot ceilings. Community amenities include a swimming pool, a fitness center, a rooftop sky lounge, a dog park and on-site restaurants. Residents are afforded convenient access to Cleveland Public Square, Interstate 90 and the shops and restaurants along Euclid Avenue.