CLEVELAND and CHICAGO – May 8, 2020 – Berkadia today announced the financing secured for The Ascent at Top of the Hill, a midrise multifamily property to-be-constructed in Cleveland, Ohio. Director Dan Geuther of Berkadia’s Cleveland office and Senior Director Michael Slovitt of Berkadia’s Chicago office secured the $52.6 million in construction financing for the property on behalf of the sponsor, Indianapolis-based Flaherty & Collins Properties. The deal closed May 5.
The three-year construction loan was secured through Goldman Sachs Private Bank.
“The Ascent at Top of the Hill is a landmark project for the City of Cleveland Heights and a transaction that we are honored to have been a part of,” said Geuther. “This deal included a complex, multi-layered capital stack. For the deal to close in the midst of a global pandemic is a true testament to the first-class sponsorship in Flaherty & Collins Properties and the diligence of the team at Goldman Sachs.”
“For complex projects like this, it takes a lot of project partners working together toward a goal of making the development a physical reality to create community and economic impact,” says Deron Kintner, General Counsel and lead project developer for Flaherty & Collins Properties. “Berkadia was instrumental in helping this project reach closing and make this project a reality. We’re excited to get started on The Ascent at Top of the Hill.”
To be constructed at the intersection of Cedar Road and Euclid Heights Blvd., The Ascent at Top of the Hill will feature 261 luxury apartments, over 11,000 square feet of first-floor commercial space, and nearly 25,000 square feet of green space. The project will include first-class amenities including a rooftop pool and terrace, fitness center, dog park, pet spa, first-floor co-working space and bike storage. Residents will be afforded convenient access to the neighboring Cleveland RTA light rail station, the Cedar Fairmount entertainment district and University Circle, with renowned dining, shopping, entertainment and cultural establishments.
Berkadia Secures Construction Debt for Cleveland-Area Apartments | Connect Commercial Real Estate