By Al Barbarino
Harbor Group International received a $127 million loan from J.P. Morgan Chase for a Class A office building located at 200 Public Square in Cleveland, Ohio, according to Meridian Capital Group, the real estate firm that negotiated the deal.
The 10-year CMBS loan – handled by Aaron Birnbaum, EVP at Meridian, and Ronnie Levine, the firm’s managing director – was used to refinance the property’s existing CMBS financing, according to a statement from the firm.
“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-in-class property,” Levine said in the statement. “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.
The 45-story, 1.3 million-square-foot office tower at 200 Public Square, located in downtown Cleveland, features an attached 757-space parking garage, restaurants, a fitness center, conference facility, an eight-story atrium, as well as Sunset Red Texas and Sequoia granite exteriors.
Harbor Group International’s New York properties include a 24-story office building at 1412 Broadway, a 25-story office building at 4 New York Plaza, a parking garage at 54 West 43 Street, and a portfolio made up of four mid-rise apartment buildings.
The company owns 9.5 million square feet of commercial properties and 20,000 multifamily rental units, according to its website.