
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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