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Berkadia Secures Construction Debt for Cleveland-Area Apartments

Berkadia closed on construction financing for The Ascent at Top of the Hill, a midrise multifamily property in Cleveland Heights, OH. Dan Geuther of Berkadia’s Cleveland office and Michael Slovitt of the Chicago office secured the $52.6-million, three-year loan through Goldman Sachs Private Bank on behalf of Indianapolis-based Flaherty & Collins Properties.

“The Ascent at Top of the Hill is a landmark project for the City of Cleveland Heights and a transaction that we are honored to have been a part of,” said Geuther. “This deal included a complex, multi-layered capital stack. For the deal to close in the midst of a global pandemic is a true testament to the first-class sponsorship in Flaherty & Collins Properties and the diligence of the team at Goldman Sachs.”

The project will feature 261 luxury apartments, more than 11,000 square feet of first-floor commercial space and nearly 25,000 square feet of green space.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).