Cleveland Office Tower Receives $100M Refi
- Dec 17, 2018
Berkadia has secured $100 million in refinancing for Ernst & Young Office Tower, a property located in downtown Cleveland. The Wolstein Group received the loan through JP Morgan, with mezzanine debt from Axonic. The two-year permanent financing features an adjustable interest rate, three one-year extension options, an 80 percent loan-to-value ratio and interest-only payments.
Located at 950 Main Ave. in Cleveland’s waterfront district, the 23-story Ernst & Young Office Tower is very close to dining facilities and several transportation means, including an Amtrak station. Completed in 2013, the asset features 465,000 square feet of leasable office space. On-site amenities include garage parking, a dry cleaner and a fitness center. At the time of the financing, the building was 95 percent occupied.
Senior Managing Director Mark Vogel and Associate Director Eric Bevilacqua of Berkadia’s Cleveland office secured the refinancing on behalf of The Wolstein Group.
In November, Berkadia secured $45 million for the Powers Industrial Portfolio, a 17-building mix of industrial and warehouse facilities in Danbury, Conn.
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