Berkadia has arranged a $49.5 million loan for Centric Apartments, a new multifamily property in Cleveland. Director Dan Geuther secured the construction loan from Related Fund Management. The deal was completed Dec. 20.
The borrower was Midwest Development Partners, LLC, based in Shaker Heights, Ohio. The non-recourse construction loan features a three-year, interest-only initial term, with two one-year extension options.
Centric Apartments will be located at 11601 Mayfield Road in Cleveland’s University Circle neighborhood, the city’s arts, educational and medical hub.
The property, which is directly adjacent to the Little Italy-University Circle RTA light-rail station, will feature 272-units, 27,000 square feet of commercial space, a 360-space parking garage and two-thirds of an acre of public green space.
