1001 Euclid Ave., one of a number of aging, historic buildings in the downtown well-suited to become apartments.
CLEVELAND—Downtown Cleveland has seen a lot of residential development in the past few years, and it about to get even more. Berkadia recently completed the $37.9 million financing of The Euclid Grand, a mixed-use historic redevelopment in downtown Cleveland that will feature 239 apartment units, 196 parking spaces and 21,000 square feet of retail. Daniel Geuther, director of the Cleveland office, secured the loan through Union Labor Life Insurance Co. on behalf of the borrower, MD-based Alto Partners. The deal closed on September 27.
The three-year construction loan features three-years interest-only and a limited recourse guarantee, along with a 375-bp spread over LIBOR.
“This transaction was a culmination of a multi-year process to revitalize a key property in downtown Cleveland,” says Geuther. “This was a complex transaction involving historic tax credits, foreign investors/sponsors and six different sources of funds.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
