Retail i Ohio

Berkadia provides $19 million in financing for Ohio retail project

Berkadia provides $19 million in financing for Ohio retail project,ph01

Berkadia recently provided $19 million of financing for Royalton Collection, a retail development in Strongsville, Ohio. The to-be-built property, located at 17800 Royalton Road, will include about 74,000 square feet, anchored by HomeGoods with Panera Bread and Outback Steakhouse outparcels.

Director Dan Geuther of Berkadia’s Cleveland office secured the construction financing through the CIBC Bank’s Cleveland office. The sponsor was New York-based Somera Road, Inc., and the deal closed on March 22.

The three-year interest-only loan represents 73 percent loan-to-cost, carries a competitive interest rate, and was closed with 50 percent of the retail space being pre-leased.