CLEVELAND — Meridian Capital Group has negotiated $127 million in mortgage financing for Harbor Group International’s 1.26 million-square-foot 200 Public Square, a 41-story office tower located in downtown Cleveland.
The property, which was built in 1985, spans an entire block between Superior and Euclid avenues. Amenities include carry out dining, three full-service banks, a Starbucks, conference center, fitness center, convenience store, concierge and various service-oriented retail tenants including a barbershop and an optometrist. Additionally, the building contains an 8-story atrium.
“Meridian leveraged its strong relationships with the most active conduit lenders, as well as the strength of the sponsor, to generate significant financing interest in this well-leased, first-class property,” said Ronnie Levine, managing director of Meridian’s New York City office, in a prepared statement.
Levine, along with Aaron Birnbaum, also of Meridian’s New York City office, arranged the 10-year CMBS loan through JPMorgan Chase & Co. The proceeds were used to refinance the property’s existing CMBS financing.
Levine added, “We ultimately were able to obtain a highly competitive loan structure and craft a financing solution specifically tailored to Harbor Group International’s business plan for the asset.”
Harbor Group Management Co. manages the property. Tenants include Accenture, Cliffs Natural Resources, Dix & Eaton, Gallup, GSA Health & Human Services, Huntington National Bank, Marsh USA, McKinsey & Co., Morgan Stanley/Smith Barney, Northern Trust, PriceWaterhouseCoopers, Robert W. Baird Co., Wells Fargo and Willis of Ohio.
Harbor Group International currently owns 9.5 million square feet of commercial properties, as well as 20,000 multifamily units.
— Savannah Duncan