Berkadia provided $37.9 million in financing for 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.
Director Daniel Geuther of the Cleveland office secured the loan through Union Labor Life Insurance Company on behalf of the borrower, Maryland-based Alto Partners. The deal closed on Sept. 27.
The three-year construction loan features three years interest-only and a limited recourse guarantee, along with a 375-basis point spread over LIBOR.
Located at 1001 Euclid Ave., The Euclid Grand will afford residents walkable access to all of the amenities of downtown Cleveland and close proximity to the regional transportation network.