EBSC Lending Closes $22.8M Mixed-Use Bridge in Cleveland
- Aaron Donovan.
- Jan 30, 2024
- 2 min read
Updated: Jan 30
CLEVELAND, OH — January 30, 2024 — EBSC Lending has closed a $22.8 million senior bridge loan on a mixed-use property located in Cleveland, Ohio. Loan proceeds were used to refinance existing debt and provide capital to complete interior renovations, upgrades, and leasing commissions.
Transaction Overview
The borrower is a Dallas-based sponsor that acquired the asset several years ago and recently executed a new lease with a large tenant expected to occupy the majority of the building’s space. The property benefits from a central Cleveland location, offering proximity to downtown as well as immediate access to major highways, supporting tenant demand and leasing velocity.
The sponsor required immediate execution due to signed leases with tenants prepared to occupy the post-renovated space and the need for operating capital to complete the remaining scope of work. EBSC Lending structured a senior bridge loan that allowed the sponsor to finalize renovations and advance leasing without delay. The sponsor’s financial profile, operating experience, and project economics satisfied underwriting requirements efficiently, enabling a swift approval and close.
Commenting on the execution, Michael Sleece, the sponsor and a mergers and acquisitions specialist, described EBSC Lending as “professional, engaging and expeditious.” He added, “I met with the decision makers and they made promises; surprisingly, they kept them. In today’s business climate, there are facilitators and then there are closers – EBSC Lending is a rare combination of both.”
Market Context + What It Means
Mixed-use assets in central business districts often require transitional financing to bridge the gap between renovation completion and stabilized occupancy. In markets like Cleveland—where demand is driven by location, accessibility, and creditworthy tenants—timely capital can be the difference between stalled execution and successful lease-up.
Senior bridge loans that refinance existing debt while funding capital improvements and leasing costs provide sponsors with the flexibility needed to complete projects and capture stabilized value. Private lenders capable of executing quickly are particularly critical when tenants are ready to take occupancy and timing is essential.
By delivering a $22.8 million senior bridge loan on an expedited basis, EBSC Lending enabled the sponsor to complete renovations, honor signed leases, and position the asset for stabilization.
Frequently Asked Questions
What type of loan did EBSC Lending provide?
EBSC Lending provided a $22.8 million senior bridge loan for a mixed-use property in Cleveland, Ohio.
How were the loan proceeds used?
Proceeds were used to refinance existing debt, complete interior renovations and upgrades, and fund leasing commissions.
Why was speed of execution critical?
Tenants had signed leases and were prepared to occupy the space following renovations, requiring immediate capital to complete the project.
What types of assets does EBSC Lending finance?
EBSC Lending provides bridge and transitional financing for mixed-use, office, industrial, multifamily, and other commercial real estate assets nationwide.
Related EBSC Lending Financing Programs
EBSC Lending provides flexible private capital solutions across the United States, including:
Senior Bridge Loans – Short-term financing for transitional and value-add properties
Commercial Bridge Loans – Capital for refinancing, renovations, and lease-up
Value-Add Financing – Funding for improvements and stabilization strategies