HFF Announces $10.375m Financing for Office and Parking Portfolio in Cleveland, Ohio

Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged $10.375 million in financing for a vacant 106,390-rentable-square-foot office building along with two structured parking garages on Bolivar Road in Cleveland, Ohio.

HFF worked on behalf of the borrower, Somera Road Inc., to secure the three-year, floating-rate acquisition bridge loan.  The property was acquired by Somera Road Inc. in an off market transaction.  In addition to funding the acquisition, loan proceeds will be used to renovate and reposition the property to modern, creative office space with a new lobby and roof deck overlooking Progressive Field.

The office building, which is located at 1020 Bolivar Road, was formerly leased by an Ohio employment agency on a long-term basis.  Originally constructed in 1919, 1020 Bolivar Road also has 85 parking stalls on the ground level.  The structured parking component includes 1060 Bolivar Road, a three-story parking garage with 208 stalls, and 1124 Bolivar Road, a single-story parking garage with 75 spaces.  The portfolio’s 368 parking stalls are utilized around the clock given the proximity to Progressive Field (one block southwest), Quicken Loans Arena (five blocks southwest) and numerous nearby restaurant and entertainment destinations in the Cleveland CBD.

The HFF debt placement team representing the borrower included senior managing director Mark Katz and director Leon McBroom.

About Somera Road Inc.
Somera Road Inc. is a New York-based commercial real estate investment firm focused on value-add and opportunistic transactions across all asset classes and geographies.  Somera Road targets off-market acquisitions previously impaired by some form of distress, such as loan defaults, partnership disputes and bankruptcy, that are often overlooked by larger institutional investors.  Somera Road takes an entrepreneurial and methodical approach to identifying off-market real estate opportunities and generating above market returns for its investors.  With a disciplined and aggressive approach, Somera Road drives value through strategic asset re-positionings, targeted capital improvement plans and best-in-class, hands-on asset management.  Since inception, Somera Road has acquired over $850 million in real estate assets and currently manages a portfolio of approximately 8.3 million square feet, spread across 29 cities.

About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.  HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  For more information, please visit hfflp.com or follow HFF on Twitter @HFF.