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BWE Secures $20M to Finance Retail Centers in Chicago, Asheville
BWE has secured $20 million in financing for two retail centers, Mayfair Plaza, located in Chicago, and River Ridge Marketplace, located in Asheville, North Carolina.
Ryan Morris, vice president in BWE’s Chicago office, originated an $8 million loan with a five-year term and 30-year amortization period to refinance Mayfair Plaza, while Jim Collins, executive vice president in the firm’s Knoxville office, originated a $12 million loan with a 20-year term with a 20-year amortization period for River Ridge Marketplace.
Mayfair Plaza is a three-building, 28,771-square-foot retail strip center that was 100% leased at the time of loan closing. Located at 4830-4840 N. Pulaski Road, the property’s tenants include a mix of national chains like Starbucks at T-Mobile, a dentist’s office and local Chicago restaurant chains. River Ridge Marketplace is a 229,662-square-foot shopping center with a range of national retails, including Gabe’s, Rugged Warehouse, and Ace Hardware.
