Acquisition Financing Arranged by Eastern Union on Two Cleveland Retail Centers

Eastern Union recently arranged $10,950,000 in financing for the acquisition of two neighborhood shopping centers located in Mentor, OH – a suburb of Cleveland. The properties included 232,386-square-foot Erie Commons at 7960-8000 Plaza Blvd. and 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 the loan’s arrangement on behalf of Baltimore’s America’s Realty LLC; a privately held owner/operator specializing in discount retailer oriented shopping centers.
The loan carried an LTV ratio (loan to value) rate 75%, with an overall purchase price totaling $14 million 600 thousand dollars; though the seller was not disclosed publicly by either party involved in this transaction First Bank provided all necessary funding for this deal to close successfully .
“Neighborhood based retail centers hold lasting investment value,” said Carl Verstandig president and founder America’s Realty “even as our economy faces challenges.”