Berkadia Arranges $72.9M Loan for Refinancing of Apartment Tower in Cleveland

by Kristin Harlow

CLEVELAND — Berkadia has arranged a $72.9 million loan for the refinancing of The Beacon in Cleveland. Located at 515 Euclid Ave., the high-rise multifamily property features one- and two-bedroom units. Amenities include a pool, fitness center, rooftop sky lounge, dog park and onsite restaurants. Mark Vogel and Dan Geuther of Berkadia arranged the loan on behalf of the borrower, Ohio-based Stark Enterprises. Global investment firm KKR provided the seven-year loan, which features a 4 percent interest rate and a 65 percent loan-to-value ratio.

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