BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured $20M in financing for two retail centers, Mayfair Plaza, located in Chicago, and River Ridge Marketplace, located in Asheville, NC.
Ryan Morris, vice president in BWE’s Chicago office, originated an $8,000,000 loan with a five-year term and 30-year amortization period to refinance Mayfair Plaza, while Jim Collins, executive vice president in the firm’s Knoxville, TN, office, originated a $12,000,000 loan with a 20-year term with a 20-year amortization period for River Ridge Marketplace.
“As the retail occupancy rates rise and the market continues to show strength, BWE is committed to working with investors, owners, and operators to ensure that they have the financial resources they need to continue to maintain high-quality shopping centers,” said Collins. “We’re proud to work with our partners to refinance Mayfair Plaza and River Ridge Marketplace, and we look forward to helping our clients around the country to finance more retail assets like these.”
Mayfair Plaza is a three-building, 28,771 square-foot retail strip center that was 100% leased at the time of loan closing. The tenants include a mix of major national chains like Starbucks at T-Mobile, as well as a dentist’s office and local Chicago restaurant chains. Located at 4830-4840 N. Pulaski Road, the shopping center is easily accessible off I-90/94, giving residents from across the Chicago MSA easy access to Mayfair Plaza.
River Ridge Marketplace is a 229,662 square-foot shopping center with a range of national retails including Gabe’s, Rugged Warehouse, and Ace Hardware. The property was 96.4% leased at loan closing with ongoing negotiations to secure a tenant for the final unleased space. Located just off I-240 at 800 Fairview Road in Asheville, the shopping center has high visibility in the area and provides superior access to potential shoppers coming from across greater Asheville.