{"id":1004039847,"date":"2012-03-19T04:32:13","date_gmt":"2012-03-19T12:32:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004037600"},"modified":"2022-12-05T21:01:51","modified_gmt":"2022-12-06T05:01:51","slug":"127m-loan-on-cleveland-office-latest-refi-success-story","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/127m-loan-on-cleveland-office-latest-refi-success-story\/","title":{"rendered":"$127M Loan on Cleveland Office Latest Refi Success Story"},"content":{"rendered":"<p><strong>By Scott Baltic, Contributing Editor<\/strong><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/031912-200-Public-Square-Cleveland.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004037601\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/031312-ralcorp-bank-of-america-plaza-st-louis-150x150-50x50\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/031312-Ralcorp-Bank-of-America-Plaza-St-Louis-150x150-50x50.jpg\" data-orig-size=\"50,50\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"031312-Ralcorp-Bank-of-America-Plaza-St-Louis-150&#215;150-50&#215;50\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/031312-Ralcorp-Bank-of-America-Plaza-St-Louis-150x150-50x50.jpg?w=50\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/031912-200-Public-Square-Cleveland.jpg\" alt=\"\" title=\"031912 - 200 Public Square Cleveland\" width=\"300\" height=\"168\" class=\"alignright size-medium wp-image-1004037601\" \/><\/a><\/p>\n<p>The $127 million refinance of Harbor Group International\u2019s 200 Public Square office tower in downtown Cleveland, announced last Friday, is both one of the larger recent CRE refis and an exemplar of the current refi trend. The existing CMBS financing on the 45-story, 1.3 million-square-foot class A building was refinanced with a new 10-year CMBS loan provided by JPMorgan Chase.<\/p>\n<p>Meridian Capital Group L.L.C. arranged the financing. Aaron Birnbaum, executive vice president, and Ronnie Levine, managing director, both based at Meridian\u2019s New York City headquarters, negotiated the transaction.<\/p>\n<p>The building was described as \u201cwell-leased,\u201d but a specific figure was not available. In addition, the parties to the transaction declined to provide further specifics about the financing.<\/p>\n<p>The tower, completed in 1985, was known in past years as the BP Tower or the Sohio Building. Notable current tenants include the Cleveland office of the Benesch law firm; the international headquarters of Cliffs Natural Resources, a major player in iron ore mining and processing; and Huntington Bancshares, the nation\u2019s 24th-largest bank, which moved its Cleveland regional headquarters to the tower in mid-2011.<\/p>\n<p>It\u2019s hard to quantify, but there has indeed been a recent surge in refis, Ben Thypin, director of market analysis for Real Capital Analytics, told <em>Commercial Property Executive<\/em>. \u201cThere are a lot of loans maturing,\u201d he said, typically five- and seven-year loans taken out during the active period before the recession.<\/p>\n<p>Another factor in the increase, Thypin said, is the surfeit of money looking for a place to go. Particularly in markets like Manhattan, cap rates are so compressed (5 percent or less) that investors are often finding it preferable, given typical interest rates, to lend on commercial real estate rather than take an equity position. He specifically noted that CMBS conduits have been more active over roughly the past year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The $127 million refinance of Harbor Group International\u2019s 200 Public Square office tower in downtown Cleveland is both one of the larger recent CRE refis and an example of the current refi trend. <\/p>\n","protected":false},"author":1201,"featured_media":1004037118,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21808,21825,13,21742,21747],"tags":[],"class_list":["post-1004039847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-featured","category-finance","category-midwest","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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