Berkadia Finances Cleveland US Bank Center
The $33.2 million loan features a 10-year fixed rate and a 67 percent loan-to-value ratio and was secured on behalf of The Wolstein Group.
1350 Euclid Ave.
Less than a month after securing a $100 million refinancing for Ernst & Young Office Tower in Cleveland, Berkadia arranged another loan in the city, on behalf of The Wolstein Group, the owner of the U.S. Bank Center on Playhouse Square. The $33.2 million loan features a 10-year term and a 67 percent loan-to-value ratio. Senior Managing Director Mark Vogel and Director Dan Geuther secured the financing through Bank of America Merrill Lynch.
According to Yardi Matrix data, the property is subject to a $22 million loan with Deutsche Bank which matures in 2022. Royal Bank of Scotland originated the financing in 2012.
Located at 1350 Euclid Ave., the US Bank Center was completed in 1989. The 15-story building encompasses 283,000 square feet of which 15,000 are for retail use. It features an on-site conference center and auditorium with 74 seats and a parking lot accommodating 417 vehicles.
The office property can be accessed via Highway 20 and is several blocks from Wolstein Center. There are several bus stops in the area, along Euclid Avenue, as well as a number of restaurants and entertainment venues.
Image courtesy of Yardi Matrix
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