BWE Secures $31.8M Refinance Loan For 506,870 Square-Foot Shopping Center In Fairlawn, OH
4014 Medina Road
$31,800,000
$62/SF
Building Size
506,870 SF
Asset Type
Retail
Closing
Sep 20, 2024
About this deal
AI
The property involved in this transaction is a retail shopping center known as Market Square at Montrose, located at 4014 Medina Road, Fairlawn, OH. The shopping center encompasses a total area of 506,870 square feet and was anchored by Home Depot. At the time of the loan arrangement, the property was 88% leased, featuring tenants such as Dick’s Sporting Goods, Staples, and Tesla.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $31,800,000
- Loan Type: Refinance
- Loan Terms: floating-rate
- Broker: Brian Bruening
- Broker Agency: Bellwether Enterprise (BWE)
Brian Bruening of Bellwether Enterprise (BWE) arranged the refinancing of the loan for the shopping center, which has a diverse tenant mix contributing to its occupancy rate. The transaction reflects ongoing support for established retail properties in the Fairlawn market.
Akron Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93