Cleveland Retail

Transaction description

Trevor Blood of PSRS arranged the $2.4 million refinance of a 49,420-square-foot retail property in Cleveland, Ohio. The anchor space was vacant at the time of closing, so PSRS turned to one of its top correspondent life insurance companies to provide a permanent loan based on a newly signed lease with the anchor tenant, a discount grocer. The financing was structured with 70% LTV, a five-year term, and a 25-year amortization.