Berkadia Secures $92M in Financing for American Greetings Headquarters in Suburban Cleveland

WESTLAKE, OHIO — Berkadia has secured $92 million in financing for the new headquarters of American Greetings Corp. in the Cleveland suburb of Westlake. The borrower was Ohio-based H&L Property Co. The 10-year loan, which Bank of America Merrill Lynch provided, features a 4.8 percent fixed interest rate, 65 percent loan-to-value ratio and 25-year amortization schedule. The new headquarters is located on a 13.5-acre property at One American Road in Crocker Park, a 1.2 million-square-foot mixed-use development in Westlake.