CLEVELAND – October 30, 2019 – Berkadia announced today the $67.56 million in secured financing for Centric Apartments, a multifamily property with over 28,000 square feet of commercial space in the University Circle neighborhood of Cleveland, Ohio. Director Dan Geuther of Berkadia’s Cleveland office secured the permanent refinancing through Freddie Mac on behalf of Ohio-based Midwest Development Partners, and the deal closed October 1.
“The University Circle submarket has seen tremendous growth over the last 10 years, as anchor institutions such as the Cleveland Clinic, University Hospitals and Case Western Reserve have continued to expand, while rental housing options remained limited. Centric is a premier asset in the submarket that was developed to help satisfy the demand,” said Geuther. “This transaction was initially slated to be a lease-up loan. However, the lease-up of the property went significantly faster than anticipated, and we were able to switch products during the processing phase. This pivot then allowed us to increase the loan amount and improve deal terms for the sponsor.”
Located at 1999 Circle Drive, Centric Apartments features studio, one- and two-bedroom floor plans with in-suite washers and dryers. Community amenities include an outdoor living space, barbecue grilling stations, a sky deck resident lounge, bike storage, dog washing stations, and a covered garage parking. The property’s current commercial tenants include Tremont Athletic Club, a full-service health club, and Sweet Kiddles, a pre-school / day care and babysitting facility. Residents are also afforded convenient access to the attractions of University Circle and the Little Italy neighborhoods, including The Cleveland Museum of Art, Severance Hall, Cleveland Museum of Contemporary Art, The Cleveland Museum of Natural History, Wade Lagoon and the Cleveland Cultural Gardens.