Bank of America has refinanced American Greetings Corporation One American Boulevard in Crocker Park in Westlake, Ohio, a suburb of Cleveland, according to data from Real Capital Analytics.
The $92 million, 10-year first mortgage loan carries a 4.8 percent fixed rate and a 65 percent loan-to-value (LTV).
Completed this year, the five-story, 660,000 sq ft glass and steel structure, set on 13.5 acres of land, was built by and for American Greetings, the world’s largest greeting card company. It will serve as its new headquarters and workplace for 1,600 employees that previously worked out of a 1.6 million sq ft building in Brooklyn, Ohio, according to a local news report.
The building will house offices, photo studios, audio studios (to record audio messages on greeting cards), artist workshop spaces, a 10,000-volume reference library, and coffee lounges on each floor, among other amenities.
State and local officials reportedly granted the greeting card company more than $90 million in state tax credits, low-interest loans and other incentives over 15 years that were used to build the property.
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