Avatar Financial Group has provided a $3.045 million bridge loan secured by a neighborhood retail center in suburban Cleveland, Ohio.
The 18-month, first-lien loan was originated at 64% loan-to-value. The sponsors required an expedited closing to acquire the property after traditional lenders proved unable to meet the transaction’s timetable. They own a significant portfolio of stable commercial real estate assets. The loan’s 18-month term gives the sponsors time to lease the center’s remaining space and build the operating history that a conventional lender will want for a fully occupied property before refinancing.
Located at 26508-26520 Lorain Road in North Olmsted, the two-building property contains approximately 67,450 square feet on 6.83 acres. The main center was built in 1979 and renovated in 2001, and a 4,500-square-foot outlot building was completed in 2002. Ashley Furniture Outlet anchors the center, and Vitamin Shoppe occupies the outlot building. Nearby retailers include Giant Eagle, Marc’s Stores and The Home Depot.
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