Dealmaker: Eastern Union Secures $13M for Ohio Shopping Center Acquisition

(Image courtesy of Eastern Union)

Eastern Union, Howell, N.J., arranged $13 million in financing toward the acquisition of a shopping center in Lima, Ohio.

The purchase price for the complex, called the Lima Center, was $19.5 million.

The Eastern Union team included Managing Director Jack Beida, Senior Managing Director Michael Muller and Commercial Loan Analyst Mike Orlik. Eastern Union secured a seven-year, fixed-rate mortgage. The borrower was Lima Tov.

The Lima Center has 10 retail tenants, including Kohl’s and TJ Maxx as anchor tenants.

“This top-tier retail asset meets every benchmark for quality and stability,” said Beida. “Lima Center has 100% occupancy and is 98% leased to such major, nationally recognized retailers as Kohl’s, TJ Maxx, Five Below and Dollar Tree.”