 |
| Mark Katz |
HFF worked on
behalf of the borrower, Somera Road Inc., to secure the three-year,
floating-rate acquisition bridge loan. The property was acquired by
Somera Road Inc. in an off market transaction.
 |
| Leon McBroom |
In
addition to funding the acquisition, loan proceeds will be used to renovate and
reposition the property to modern, creative office space with a new lobby and
roof deck overlooking Progressive Field.
The office
building, which is located at 1020 Bolivar Road, was formerly leased by an Ohio employment agency on a
long-term basis.
Originally constructed in 1919,
1020 Bolivar Road also has 85 parking stalls on the ground level.
The
structured parking component includes 1060 Bolivar Road, a three-story parking
garage with 208 stalls, and 1124 Bolivar Road, a single-story parking garage
with 75 spaces.
The portfolio’s 368 parking
stalls are utilized around the clock given the proximity to Progressive Field
(one block southwest), Quicken Loans Arena (five blocks southwest) and numerous
nearby restaurant and entertainment destinations in the Cleveland CBD.
The HFF debt
placement team representing the borrower included senior managing director Mark
Katz and director Leon McBroom.
CONTACTS:
MARK KATZ
HFF Senior Managing Director
(303) 515-8000
LEON MCBROOM
HFF Director
(303) 515-8000
OLIVIA
HENNESSEY
HFF Public Relations
Specialist
(713) 852-3403
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