{"id":1004204037,"date":"2018-01-17T12:34:50","date_gmt":"2018-01-17T20:34:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004204037"},"modified":"2022-12-09T00:57:33","modified_gmt":"2022-12-09T08:57:33","slug":"bellwether-arranges-57m-refi-for-cleveland-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bellwether-arranges-57m-refi-for-cleveland-office-tower\/","title":{"rendered":"Bellwether Arranges $57M Refi for Cleveland Office Tower"},"content":{"rendered":"<p>By Roxana Baiceanu<\/p>\n<div id=\"attachment_1004204039\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/One-Cleveland-Center-1375-E.-9th-St.-Cleveland.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004204039\" data-attachment-id=\"1004204039\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bellwether-arranges-57m-refi-for-cleveland-office-tower\/one-cleveland-center-1375-e-9th-st-cleveland\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/One-Cleveland-Center-1375-E.-9th-St.-Cleveland.png\" data-orig-size=\"800,620\" data-comments-opened=\"0\" 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=\"One Cleveland Center, 1375 E. 9th St., Cleveland\" data-image-description=\"&lt;p&gt;One Cleveland Center, 1375 E. 9th St., Cleveland&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;One Cleveland Center, 1375 E. 9th St., Cleveland&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/One-Cleveland-Center-1375-E.-9th-St.-Cleveland.png?w=800\" loading=\"lazy\" class=\"size-medium wp-image-1004204039\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/One-Cleveland-Center-1375-E.-9th-St.-Cleveland.png\" alt=\"One Cleveland Center, 1375 E. 9th St., Cleveland\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/One-Cleveland-Center-1375-E.-9th-St.-Cleveland.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/One-Cleveland-Center-1375-E.-9th-St.-Cleveland.png?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/One-Cleveland-Center-1375-E.-9th-St.-Cleveland.png?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004204039\" class=\"wp-caption-text\">One Cleveland Center, 1375 E. 9th St., Cleveland<\/p><\/div>\n<p>Bellwether Enterprise has secured a $57 million refinancing for Optima International, the owner of One Cleveland Center. The company will use the money to refinance the property\u2019s high interest rate debt and fund tenant improvements. The\u00a010-year CMBS loan, originated by Rialto, features a 30-year amortization schedule.<\/p>\n<p>\u201c<em>Downtown Cleveland in particular continues to be a hotspot for new and growing companies, and our work with One Cleveland Center highlights our expertise in enhancing vital properties in <a href=\"https:\/\/www.commercialsearch.com\/news\/mohr-capital-acquires-460-ksf-cleveland-office-center\/\">key business hubs<\/a>,<\/em>\u201d said Bellwether President Ned Huffman, in a prepared statement.<\/p>\n<p>Senior Vice Presidents Jim Doyle and Ross Halloran arranged the\u00a0refinancing.<\/p>\n<h2>Iconic tower<\/h2>\n<p>One Cleveland Center is located at 1375 E. 9th St., and is the fifth tallest office tower in the city&#8217;s downtown area. It provides 543,945 square feet of space, of which 53,000 square feet are designated for retail use, according to Yardi Matrix. The 31-story building features a glass lobby, on-site caf\u00e9 and conference center, and a 1,100-square-foot parking garage.<\/p>\n<p>The property was originally\u00a0built in 1983, and went through a series of renovations, the\u00a0last round being completed in 2011. It has been part of Optima\u2019s portfolio for almost 10 years.<\/p>\n<p>The office tower is close to Cleveland State University and can be reached via Interstate 90 using the St. Clair Avenue N.E. exit.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 10-year CMBS loan, originated by Rialto, will allow One Cleveland Center\u2019s owner to refinance the property\u2019s high interest rate debt and fund tenant improvements. <\/p>\n","protected":false},"author":1064,"featured_media":1004204039,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21783,13,21742,21747],"tags":[34673,34675,33028],"class_list":["post-1004204037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cleveland","category-investment","category-midwest","category-latest","category-office","tag-bellwether-enterprise","tag-ned-huffman","tag-rialto-capital-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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