CLEVELAND – March 24, 2020 – Berkadia announced today the nearly $117 million in combined financing secured for The Edison at Gordon Square and Innova, Class A multifamily properties in Cleveland. Senior Managing Director Mark Vogel and Director Dan Geuther of Berkadia’s Cleveland office secured the permanent refinancing for both properties through Freddie Mac on behalf of their respective borrowers.
Dan Geuther secured $59.7 million in financing for the 306-unit Edison at Gordon Square on behalf of the sponsor, Cleveland-based The NRP Group. The 15-year loan features one year of interest only and a competitive interest rate. The deal closed on December 27, 2019.
The Berkadia team also secured $57 million in financing for the 247-unit Innova on behalf of the borrower, Florida-based The Finch Group. The 12-year loan features an 80 percent loan-to-value ratio and a competitive interest rate. The deal closed on January 10, 2020.
“Our ability to execute on these transactions in a short timeframe and through significant market volatility demonstrates our team’s ability to add value to our customers, by understanding both the micro-market fundamentals driving property performance and macro-market fundamentals driving the capital markets,” said Vogel.
“We appreciate the opportunity to work alongside The NRP Group and The Finch Group to complete these transactions, each of which were history making developments in their respective submarkets,” said Geuther. “The central region team at Freddie Mac were excellent partners on these deals and worked diligently with our team to deliver outstanding executions.”
The Edison at Gordon Square, located at 6060 Father Caruso Drive, features one-, two- and three-bedroom floor plans with stainless steel appliances, pendant lighting fixtures and vinyl plank flooring. Community amenities include a heated swimming pool, an outdoor kitchen, a courtyard patio, a fitness center and a business center. Residents are within walking distance from Edgewater Beach Park and the renowned Gordon Square Arts District.
Innova, located at 10001 Chester Ave., features studio, one- and two-bedroom floor plans with stainless steel appliances, granite countertops, vinyl wood-style flooring, smart thermostats, walk-in closets and in-unit washers and dryers. Community amenities include a sky deck with a grilling station and fire pits, a lounge, a parking garage, a fitness center and laundry facilities. Residents are afforded convenient access to the main campuses of the Cleveland Clinic, University Hospitals, Case Western Reserve University and numerous cultural institutions in the University Circle district.