OH Retail Development Receives $19M Construction Financing
- Mar 28, 2019
Berkadia has secured a $19 million construction financing for Royalton Collection, a retail development in Strongsville, Ohio. The three-year, interest-only loan represents 73 percent loan-to-cost, carries a competitive interest rate and was closed with 50 percent of the retail space pre-leased.
Located at 17800 Royalton Road, Somera Road’s development will include approximately 74,000 square feet and will be anchored by HomeGoods, with Panera Bread and Outback Steakhouse outparcels. The asset is within close proximity to interstates 71 and 80, with several shopping centers on a 2-mile radius.
Director Dan Geuther of Berkadia’s Cleveland office secured the construction financing through CIBC Bank. Geuther was recently involved in the $33.2 million financing arranged for U.S. Bank Center in Cleveland.
“Somera took a unique approach to this transaction by acquiring a vacant office building and successfully rezoning the land to permit retail development; thereby adding significant value to the site. This creative entry to the transaction, combined with significant pre-leasing from a high-quality tenant roster, should enable Somera to generate superior returns for its investors,” Geuther said, in a prepared statement.
Rendering courtesy of Berkadia