Dealmaker: Berkadia Secures $84M in Ohio, Virginia
Berkadia, New York, arranged $83.6 million for multifamily properties in Cleveland, Ohio and Charlottesville, Va.
In Cleveland, Berkadia Director Dan Geuther secured a $49.5 million construction loan for Centric Apartments. Related Fund Management, New York, supplied the financing, which closed on December 20.
Geuther said the non-recourse loan for borrower Midwest Development Partners LLC, Shaker Heights, Ohio, included a three-year interest-only initial term and two one-year extension options.
“The project–which was several years in the making–will fill a major need in the University Circle market and complete the transformation of a site which is considered by many as the best multifamily location in the city,” Geuther said.
Centric Apartments will be in University Circle, Cleveland’s arts, educational and medical hub. The property, directly adjacent to the Little Italy-University Circle light-rail station, will include 272 rental units and 27,000 square feet of commercial space as well as two-thirds of an acre of public green space.
In Virginia, Berkadia Senior Director Steve Murden secured a $34.16 million HUD loan for Stone Creek Village Apartments in Charlottesville.
Borrower Stone Creek Apartments LP, Charlottesville, refinanced the asset on November 28. Murden noted that the 35-year loan at a 3.25 percent interest rate will provide more than $216,000 in annual debt-service savings.
Murden said Stone Creek Village Apartments has an onsite creek and a pond and is close to downtown Charlottesville and the University of Virginia Medical Center.
