Featured Transactions

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.

67.6% LTV $1,728,000
Fixed Rate Bridge Loan $2,812,500

OPPORTUNITY The Sponsor and its investment company recognized an opportunity to acquire a mismanaged and poorly maintained office park in a suburban Southeast market, adding value through targeted capital improvements, leasing and stabilization of the asset. Occupancy levels at the time of purchase were well below the submarket averages due to the seller’s tough stance […]

Bridge Loan $2,810,000