SRS Arranges $9.6 Million Loan for Ground Lease Acquisition of Home Depot-Occupied Property in Ohio

by Alex Tostado

Cleveland Heights, Ohio — SRS Real Estate Partners has arranged a $9.6 million loan for the ground lease acquisition of a property occupied by Home Depot in Cleveland Heights, just east of Cleveland. Located at 3460 Mayfield Road, the property includes a 132,000-square-foot building and an 18,000-square-foot garden center. The sales price was $13.7 million. Ben Townsend and Matt Marlin of SRS arranged the nonrecourse, 10-year loan at a fixed interest rate of 3.65 percent. A California-based private investor was the borrower. An institutional lender provided the loan, which features a 70 percent loan-to-value ratio.

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