Eastern Union arranged $10,950,000 in financing for the acquisition of two neighborhood shopping centers located 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.
Marc Tropp – Senior Managing Director with Eastern Union based out of Bethesda MD – led this transaction on behalf America’s Realty LLC., a privately held owner/operator specializing in discount retailer oriented shopping centers.
The loan carried a loan to value ratio (LTV) of 75% and was provided by First Bank against an overall purchase price totaling $14 million 600 thousand dollars; however seller identity remains undisclosed to date .
Carl Verstandig – President & CEO for America’s Realty commented “Neighborhood based retail centers hold lasting investment value even as our economy faces challenges” .
“Owner of Hollywood Office Purchases Adjacent Property”
The property at 747 Seward St. in Hollywood has been purchased by Brian Ballard, founder of bipartisan lobbying and PR
Steve Griffin
November 14, 2024
