Updated Oct 29, 2024
KeyBank Provides $50M Loan To Playhouse Square For Multifamily Property In Cleveland, Ohio
1600 Euclid Ave, Cleveland, Ohio 44115, USA
$50,000,000
Units
318
Asset Type
MultiFamily
Closing
Mar 22, 2023
About this deal
AI
The multifamily property located at 1600 Euclid Ave in Cleveland, Ohio has recently undergone a closed transaction. The property consists of 318 units and is part of the Playhouse Square district.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $50,000,000
- Address: 1600 Euclid Ave, Cleveland, Ohio
- Market: Cleveland, Ohio
- Lender: KeyBank
- Landlord: Playhouse Square - Craig Hassall
In this deal, KeyBank provided a loan of $50,000,000 to Playhouse Square for the acquisition of the multifamily property. The loan terms include a fixed-rate and five years of interest-only payments.
Players
Cleveland MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93