Berkadia Arranges $100M Refi for Cleveland Office Tower

Ohio-based The Wolstein Group secured $100 million in financing for Ernst & Young Office Tower, a 23-story office property in downtown Cleveland. The two-year permanent refinancing features an adjustable interest rate, three one-year extension options, an 80% loan-to-value ratio and interest only payments.

Located at 950 Main Ave., the 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% occupied at the time of the financing.

Berkadia’s Mark Vogel and Eric Bevilacqua arranged the refinancing through JP Morgan, with mezzanine debt from Axonic.

For comments, questions or concerns, please contact Dennis Kaiser

Inside The Story

Connect With Berkadia’s Vogel

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

Order Reprints

◦Financing

Sub Markets

National

Property Sectors

Topics

National CRE News In Your Inbox.

Berkadia Arranges $100M Refi for Cleveland Office Tower

Inside The Story

About Dennis Kaiser

STAY INFORMED

Sub Markets

National

Property Sectors

Topics

National CRE News In Your Inbox.

Berkadia Arranges $100M Refi for Cleveland Office Tower

Inside The Story

About Dennis Kaiser