Berkadia recently secured $92 million in financing for the new headquarters of American Greetings Corporation, a major greeting cards brand in Westlake, Ohio.
Berkadia’s Mark Vogel, a senior managing director in the Cleveland office, secured the loan for the new space from Bank of America Merrill Lynch on behalf of the Ohio-based borrower, H & L Property Co.
The 10-year loan features a 4.8 percent fixed interest rate, a 65 percent loan-to-value ratio and a 25-year amortization schedule.
American Greeting’s new headquarters is located on a 13.5-acre property at One American Road in Crocker Park, just twenty miles from downtown Cleveland. American Greetings previously functioned out of a 1.6 million-square-foot space in Brooklyn, Ohio.
