BWE, a real estate financing company, has successfully obtained a $31.8 million loan to refinance and support the long-term business plan of Market Square at Montrose in Fairlawn, Ohio. The shopping center is anchored by Home Depot and located in the Greater Akron area.
The loan was originated by Brian Bruening, vice president of BWE’s Cleveland office. It is a floating-rate loan with no interest rate caps on behalf of the borrower. Market Square at Montrose spans 506,870 square feet and currently has an occupancy rate of 88%.
In addition to Home Depot, other major tenants include Dick’s Sporting Goods, Staples,Cost Plus World Market,Golf Galaxy,and Steak N Shake.Tesla has recently signed a new lease at the property,and negotiations are underway for letters of intent with several other national retailers.
According to Bruening,”Market Square at Montrose may have been built in the 1990s,but its tenant mix remains relevant today.Newer retailers are eager to establish their presence here.However,the transition from older tenants poses some risk for lenders.”
