KEYBANK CLOSES $46M IN FINANCING FOR STEELYARD COMMONS

CLEVELAND, OHIO — KeyBank Real Estate Capital has arranged $46 million in financing for Steelyard Commons, a retail shopping center located at 3447 Steelyard Drive in Cleveland. John Hofmann, Michael Keach and Katie Allinder of KeyBank’s Income Property Group worked with Steelyard Commons LLC to negotiate a $40 million first mortgage through Barclays. The group also secured a $6 million mezzanine loan through Investcorp, which paid off an existing KeyBank loan. Steelyard Commons sits at the intersection of I-71 and Jennings Freeway, along the western edge of Cleveland’s industrial valley. The shopping center, which opened in January 2007, includes a combination of retail stores, restaurants and recreation facilities.