Bellwether Enterprise Real Estate Capital LLC closed a $57 million refinancing loan for One Cleveland Center, the fifth tallest skyscraper in Downtown Cleveland.
Renovated in 2011, One Cleveland Center includes 543,945 square feet of Class-A office space, along with a 1,100-square-foot attached parking garage. The 31-story building features a glass lobby and additional modern designs that maximize the use of natural light.
Located near several highways and public transportation stations, the property offers both scenic lake and city views, an onsite café, an underground pedestrian connection to Galleria and the new YMCA, 24/7 onsite security, and a dry cleaning service. The building’s Cleveland Metropolitan Bar Association Conference Center also includes meeting rooms with A/V equipment, a 300+ person auditorium, and training and banquet facilities.
Jim Doyle, senior vice president of Bellwether Enterprise in the Cleveland office, and Ross Halloran, senior vice president of Bellwether Enterprise in the Cleveland office, arranged the loan for Optima 1375 II LLC using Rialto as the lender. The 10-year CMBS loan refinanced both the building and attached parking garage, and features a 30-year amortization schedule with an interest-only first year. The arranged financing enabled the borrower to refinance the property’s high interest rate debt and fund tenant improvements.