Ohio / Michigan Area News

DDR Closes on $1.35 Billion Mortgage Loan

DDR Corp. (NYSE:DDR), closed on a $1.35 billion mortgage associated with its planned spin-off of a portfolio of 50 assets, including all of its Puerto Rico portfolio, into a separate publicly traded REIT to be named Retail Value Trust Inc. The loan is collateralized by mortgage liens on the 38 continental U.S. properties; a pledge of the equity interests in the 12 Puerto Rico assets; as well as a pledge of the cash flows from the Puerto Rico assets...
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Posted: February 15, 2018, 4:00 am

Laver Joins Cushman & Wakefield | CRESCO Real Estate

Jason Laver, SIOR joined Cushman & Wakefield | CRESCO Real Estate as senior vice president in Independence, OH. Laver previously served as vice president of brokerage services at Dalad Group, where he specialized in landlord and tenant representations, land sales and purchases, lease buyouts, build-to-suits and sale leasebacks. Before joining Dalad Group in 2001, Laver was an associate at CBRE. He has received awards from NAIOP for New Office...
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Posted: February 9, 2018, 4:01 am

Millennia Acquires 295-Unit Statler Arms Bldg. in Cleveland

The Millennia Cos., a local and vertically integrated real estate company, acquired the historic, 295-unit Statler Arms apartment building in Cleveland from Ares Commercial Real Estate Management and LCOR, Inc., for $40 million, or approximately $135,600 per unit. The Statler Arms made its debut as a grand hotel in 1912 at 1127 Euclid Ave. The building was converted into office space in the 1980s and, most recently in 2000, it was retrofitted as...
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Posted: February 8, 2018, 3:14 am