KeyBank Closes $46 Million in Financing for Steelyard Commons

Cleveland — The center opened in January 2007.

Cleveland — KeyBank Real Estate Capital has arranged $46 million in financing for Steelyard Commons in Cleveland. The property sits at the intersection of I-71 and Jennings Freeway, along the western edge of Cleveland’s industrial valley. The shopping center, which opened in January 2007, includes a combination of retail stores, restaurants and recreation facilities. John Hofmann, Michael Keach and Katie Allinder of KeyBank’s Income Property Group worked with Steelyard Commons LLC to negotiate a $40 million first mortgage through Barclays. The group also secured a $6 million mezzanine loan through Investcorp, which paid off an existing KeyBank loan.