Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Berkadia Arranges $73M Financing on Cleveland High-Rise
Berkadia secured financing for The Beacon, a high rise multifamily property in Cleveland. 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 seven-year loan through KKR features a 4% interest rate and a 65% 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 have convenient access to Cleveland Public Square, Interstate 90 and the shops and restaurants along Euclid Avenue.
- ◦Financing
