BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured a $31,800,000 loan to refinance and fund the long-term business plan of Market Square at Montrose, a Home Depot-anchored shopping center in Fairlawn, Ohio, part of the Greater Akron area.
Brian Bruening, vice president in BWE’s Cleveland, OH office, originated the floating-rate loan with no interest rate caps on behalf of the borrower.
“Market Square at Montrose is a 1990s vintage property with 1990s tenants—new retailers want to be in this market. A transitional tenant base offers opportunity to ownership but comes with risk to lenders. With the credit market dramatically changed over the last 24 months, gone are the days of a shotgun approach to solving a borrower’s financing needs. Our team was able to procure an optimal solution for the Borrower using not only the depth of BWE’s platform, but also our knowledge and experience within the retail landscape,” said Bruening. “BWE continues to do whatever it takes to bring the right capital solutions to our clients.”
Located at 4020 Medina Road, Market Square at Montrose boasts 506,870 SF of retail space and is currently 88% leased. Anchored by Home Depot, additional tenants include Dick’s, Staples, Cost Plus, Steak N Shake, Golf Galaxy, and more. A new lease with Tesla has also been recently executed, and letters of intent are being negotiated with a slate of other tenants with national presences.
Situated in Fairlawn, a suburb located just northwest of Akron, OH, the Market Square at Montrose is well-positioned in the 3rd ranked trade area in Northeast Ohio and is surrounded by some of the state’s highest income municipalities.