CLEVELAND – June 26, 2020 – Berkadia today announced the $20.75 million in construction financing secured for Public Square North, a high-rise multifamily property in Cleveland. Senior Managing Director Mark Vogel and Director Daniel Geuther of Berkadia’s Cleveland office secured the ground-up construction loan on behalf of the borrower, The Millennia Companies, also based in Cleveland. The deal closed on May 29.
“It was a pleasure working on this transaction on behalf of The Millennia Companies,” said Vogel. “All of us at Berkadia are excited to be a part of this project.”
Public Square North is a conversion of a 113,000 square foot, 15-story historic office building into a multifamily property of 114-units. The conversion is expected to be completed by summer 2021.
Public Square North, located at 75 Public Square, will feature one- and two-bedroom floorplans with custom kitchen cabinetry, stainless steel appliances, in-unit washers and dryers and built-in closet systems. Community amenities include a rooftop patio with an outdoor kitchen, a fitness center, a resident lounge, a game room and a pet spa. Residents are afforded convenient access to the shops and restaurants in downtown Cleveland, Cleveland Public Square, First Energy Stadium, Rocket Mortgage Fieldhouse and Progressive Field.