Multifamily i Ohio

Berkadia closes $67 million loan for Cleveland apartment community

Berkadia closes $67 million loan for Cleveland apartment community,ph01

Berkadia closed $67.56 million in secured financing for Centric Apartments, a multifamily property with more than 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.

The deal closed October 1.

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.