The property is a retail shopping center located southeast of Cleveland, Ohio, in the suburb of North Randall. It is located on a major Class-A road in a highly commercial district. The retail shopping center consists of 7 spaces and is currently at 90.3% occupancy. Tenants include a daycare facility and a tanning salon. The shopping center consists of approximately 29,000 SQFT, with Family Dollar to occupy 8500 SQFT. The property was appraised in March 2019 for $2,550,000 and the NOI for the project is approximately $293,500 per year.
The Borrower purchased the property in 2013 for $770,000 in a foreclosure auction and invested over $500,000 in repairs, upgrades, and secured a new credit-rated tenant – Family Dollar to be the anchor for the retail center for a new 10-year lease. Approximately $200,000 of repairs remain, thus the refinance would contribute towards paying off the contractors.
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