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Monday, 25 March 2019

Somera Road Lines Up $19Mln Loan for Redevelopment of Cleveland-Area Building

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Somera Road Inc. has lined up $19 million of financing from CIBC Bank to fund the redevelopment of the former office building at 17800 Royalton Road in the Cleveland suburb of Strongsville, Ohio, into retail space.

The loan, with a three-year term, was arranged by Berkadia's Cleveland office.

Somera Road, a New York opportunistic investor, had purchased the property, then known as the Strongsville Corporate Center, in 2017 for $8.3 million. It had served as collateral for a $12.2 million loan that was securitized through Citigroup Commercial Mortgage Trust, 2004-C2. The loan had defaulted when the property's sole tenant, Medical Mutual of Ohio, moved out.

Somera Road then lined up approvals from the city of Strongsville to rezone the property, clearing the way for its redevelopment plan, which calls for the addition of four buildings. That effort got underway earlier this year. Well before that, however, it had lined up HomeGoods, Panera Bread and Outback Steakhouse as tenants. And it sold an existing building on the site to a software developer.

The retail property is now called the Royalton Collection.

Comments? E-mail Orest Mandzy, or call him at (267) 327-4281.


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Cleveland
  • States: Ohio
  • Subject: Mortgages/Financing (MOR)
  • Valuation: Between $10 million and $25 million
  • Private: No
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