KeyBank Real Estate Capital secured a $50 million fixed-rate loan through Freddie Mac for Playhouse Square to refinance a multifamily property in Cleveland, Ohio.
The transaction includes a $50 million non-recourse, first mortgage loan secured by a 318-unit high rise multifamily property known as The Lumen in Cleveland.
The Lumen is a 34-story apartment building with a parking garage and ground floor retail. Built in 2020, the property is the largest multifamily project to be completed in downtown Cleveland in 40 years. The proposed loan will be used for refinancing the existing debt. The loan is structured with a five-year interest only period. The property benefits from a 15-year tax abatement, and a ground lease.
Rob Garrison and Anthony Tavrell from KBREC structured the loan.
