Neighborhood Centers in Mentor, Ohio Total 312,866 Square Feet in Size
BETHESDA, Md., April 20, 2023 /PRNewswire/ — Eastern Union, one of the country’s largest commercial real estate brokerage firms, has arranged $10,950,000 in financing for the acquisition of two neighborhood shopping centers in Mentor, Ohio, a suburb of Cleveland.
The properties are the 232,386-square-foot Erie Commons at 7960-8000 Plaza Boulevard and the 80,480-square-foot Great Lakes Plaza at 7830 Plaza Boulevard. Their combined size amounts to 312,866 square feet.
The financing was secured by Marc Tropp, a senior managing director with Eastern Union. Based in Bethesda, Mr. Tropp leads Eastern Union’s Mid-Atlantic Group.
Eastern Union arranged the loan on behalf of Baltimore-based America’s Realty, LLC. The privately held company’s holdings consist of discount retailer-oriented shopping centers in “blue-collar Middle America,” as described by its president and founder, Carl Verstandig. Founded in 1987, the firm’s portfolio presently encompasses 133 properties nationwide. With the acquisition of these two properties, America’s Realty’s holdings in the state of Ohio amount to 18 retail centers representing 3.4 million square feet of space.
“Neighborhood-based retail centers hold lasting investment value, even as the economy at large faces challenges,” said Mr. Verstandig. “Our approach increases local job opportunities through the purchase of centers where the big-ticket retailers have pulled out. We fill those large units with retailers offering affordable merchandise.”
“Despite some vacancies at these sites, Eastern Union was able to work with the bank to deliver a highly desirable loan-to-value ratio,” said Mr. Tropp. “We succeeded in securing a favorable loan-to-value ratio by reinforcing the lender’s confidence that America’s Realty had the experience and know-how to readily attract new tenants.”
The financing carried a loan-to-value ratio of 75 percent. The overall purchase price was $14,600,000. The seller’s identity was not disclosed. Financing for the transaction was provided by First Bank.
About Eastern Union
Founded in 2001, Eastern Union is a national commercial real estate firm that provides both financing services and capital markets advisory services. It employs more than 90 real estate professionals and closes billions of dollars’ worth of transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.
Headquartered in New York, Eastern Union secures financing for transactions of all sizes across the United States. Transactions, which can include multi-state and multi-site portfolios, encompass conventional commercial mortgages, structured debt, healthcare, hospitality, manufactured home properties, single-family rentals, investment sales, and — handled in conjunction with company affiliate Eastern Equity Advisors — equity placement.
For more information, visit www.easternunion.com.
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SOURCE Eastern Union