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BWE Secures $31M to Refi Home Depot-Anchored Center in Ohio
BWE has secured a $31.8 million loan to refinance and fund the long-term business plan of Market Square at Montrose, a Home Depot-anchored shopping center in Fairlawn, Ohio, part of the Greater Akron area.
Brian Bruening, vice president in BWE’s Cleveland, OH office, originated the floating-rate loan with no interest rate caps on behalf of the borrower. Located at 4020 Medina Road, Market Square at Montrose boasts 506,870 square feet of retail space and is currently 88% leased.
Additional tenants at the property include Dick’s, Staples, Cost Plus, Steak N Shake, Golf Galaxy, and more. A new lease with Tesla has also been recently executed, and letters of intent are being negotiated with a slate of other tenants with national presences.
“Market Square at Montrose is a 1990s vintage property with 1990s tenants—new retailers want to be in this market. A transitional tenant base offers an opportunity to ownership but comes with risk to lenders,” said Bruening.
