{"id":1004155846,"date":"2016-10-21T07:51:01","date_gmt":"2016-10-21T15:51:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004155846"},"modified":"2020-05-18T15:46:37","modified_gmt":"2020-05-18T23:46:37","slug":"berkadia-closes-92m-loan-for-new-american-greetings-hq","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/berkadia-closes-92m-loan-for-new-american-greetings-hq\/","title":{"rendered":"Berkadia Closes $92M Loan for New American Greetings HQ"},"content":{"rendered":"<p>by Laura Calugar<\/p>\n<div id=\"attachment_1004155847\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/American-Greetings-2.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004155847\" data-attachment-id=\"1004155847\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/berkadia-closes-92m-loan-for-new-american-greetings-hq\/american-greetings-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/American-Greetings-2.jpg\" data-orig-size=\"960,574\" 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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"American Greetings 2\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/American-Greetings-2.jpg?w=960\" class=\"wp-image-1004155847 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/American-Greetings-2.jpg\" alt=\"American Greetings Headquarters \" width=\"300\" height=\"179\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/American-Greetings-2.jpg 960w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/American-Greetings-2.jpg?resize=300,179 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/American-Greetings-2.jpg?resize=768,459 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004155847\" class=\"wp-caption-text\">American Greetings Headquarters, Westlake, Ohio<\/p><\/div>\n<p><strong>Cleveland<\/strong>\u2014<a href=\"https:\/\/www.berkadia.com\/default.aspx\" rel=\"nofollow\" target=\"_blank\">Berkadia<\/a> has recently announced the $92 million financing of <a href=\"https:\/\/www.americangreetings.com\/\" rel=\"nofollow\" target=\"_blank\">American Greetings<\/a>\u2019 new headquarters in Westlake, Ohio. The company\u2019s senior managing director of the Cleveland office, Mark Vogel, secured the loan through Bank of America Merrill Lynch on behalf of the Ohio-based borrower, H&amp;L Property Co. The 10-year loan has a 4.8 percent fixed interest rate, a 65 percent loan-to-value ratio and a 25-year amortization schedule. The deal was completed October 5<sup>th<\/sup>.<\/p>\n<div id=\"attachment_1004155848\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/American-Greetings.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004155848\" data-attachment-id=\"1004155848\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/berkadia-closes-92m-loan-for-new-american-greetings-hq\/american-greetings\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/American-Greetings.jpg\" data-orig-size=\"960,609\" 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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"American Greetings\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/American-Greetings.jpg?w=960\" class=\"wp-image-1004155848 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/American-Greetings.jpg\" alt=\"The opening of American Greetings' new headquarters \" width=\"300\" height=\"190\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/American-Greetings.jpg 960w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/American-Greetings.jpg?resize=300,190 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/American-Greetings.jpg?resize=768,487 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004155848\" class=\"wp-caption-text\">The opening of American Greetings&#8217; new headquarters in Westlake, Ohio<\/p><\/div>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/american-greetings-breaks-ground-on-new-world-hq-in-westlake\/\" target=\"_blank\">American Greeting\u2019s new main office<\/a> is located on a 13.5-acre lot at 1 American Road in Crocker Park, just twenty miles from downtown Cleveland. The American Greetings Creative Studios, as the new headquarters is called, encompasses 600,000 square feet of office space and 60,000 square feet of first-floor retail. The building houses nearly 1,600 employees that used to work out of a 1.6 million-square-foot space in Brooklyn, Ohio.<\/p>\n<p>\u201cThis was a cutting-edge financing only made possible with the efforts of a lot of smart people. It took over six months of hard work,\u201d said Vogel.<\/p>\n<p>Founded in 1906, the company&#8217;s major greeting card lines are American Greetings, Carlton Cards, Gibson, Recycled Paper Greetings and Papyrus. Other paper product offerings include party goods, gift-wraps and boxed cards. According to Berkadia, American Greetings generates annual revenue of approximately $1.9 billion.<\/p>\n<p><em>Images courtesy of Berkadia via <a href=\"https:\/\/www.blissintegrated.com\/\" rel=\"nofollow\" target=\"_blank\">Bliss Integrated Communication<\/a> <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company secured the loan through Bank of America Merrill Lynch on behalf of H&#038;L Property Co. <\/p>\n","protected":false},"author":238,"featured_media":1004155847,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21825,13,21742,21747],"tags":[],"class_list":["post-1004155846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cleveland","category-finance","category-midwest","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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