Berkadia has arranged $262.5 million in acquisition financing for Key Center, Cleveland’s tallest skyscraper, a 1.3-million-square-foot, Class-A office tower, and the adjacent Marriott Hotel and parking structure.
The property is located in Cleveland’s Public Square. Berkadia senior director Mark Vogel secured the acquisition loan, representing Berkadia’s largest conduit loan to date. The deal was completed on Jan. 31.
Berkadia represented The Millennia Companies, which is headquartered in Cleveland. The seller was Columbia Property Trust, Inc. The 10-year senior mortgage fixed loan lead by Citibank, included Bank of America and Deutsche Bank. Apollo Global Management provided the mezzanine debt financing.
Built in 1991, the integrated, mixed-use complex Key Center includes a 57-story office tower, a 400-room Marriott Hotel and a parking structure. It also houses the headquarters of both the property’s namesake, Key Bank, and law firm BakerHostetler. At the end of 2016, the office tower was 82 percent leased.
