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Eastern Union Arranges Acquisition Financing on Two Suburban Cleveland Retail Centers
Eastern Union arranged $10,950,000 in financing for the acquisition of two neighborhood shopping centers in Mentor, OH, a suburb of Cleveland. The properties include the 232,386-square-foot Erie Commons at 7960-8000 Plaza Blvd. and the 80,480-square-foot Great Lakes Plaza at 7830 Plaza Blvd.
The financing was secured by Marc Tropp, a senior managing director with Eastern Union. Based in Bethesda, MD, Tropp leads Eastern Union’s Mid-Atlantic Group.
Eastern Union arranged the loan on behalf of Baltimore-based America’s Realty, LLC, a privately held owner-operator of discount retailer-oriented shopping centers.
“Neighborhood-based retail centers hold lasting investment value, even as the economy at large faces challenges,” said Carl Verstandig, president of America’s Realty.
The financing carried a loan-to-value ratio of 75%. The overall purchase price was $14,600,000. The seller’s identity was not disclosed. Financing for the transaction was provided by First Bank.
- ◦Sale/Acquisition
- ◦Financing
