Acquisition Financing Arranged by Eastern Union on Two Cleveland Retail Centers

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” .