December 21, 2018 Comments Off on Berkadia Arranges $100M Refi for Cleveland Office Tower Views: 3247 Midwest, National News, Ohio

Berkadia Arranges $100M Refi for Cleveland Office Tower

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Ohio-based The Wolstein Group secured $100 million in financing for Ernst & Young Office Tower, a 23-story office property in downtown Cleveland. The two-year permanent refinancing features an adjustable interest rate, three one-year extension options, an 80% loan-to-value ratio and interest only payments.

Located at 950 Main Ave., the tower offers convenient access to the area’s restaurants, commuter rail and the waterfront district of Cleveland. The property features 465,000 square feet of leasable office space, and on-site amenities include garage parking, a dry cleaner, a fitness center and a concierge. The building was 95% occupied at the time of the financing.

Berkadia’s Mark Vogel and Eric Bevilacqua arranged the refinancing through JP Morgan, with mezzanine debt from Axonic.

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