COLUMBUS, OHIO, AND GLEN ELLYN, ILL. — The Tampa office of CBRE Melody has arranged $73.7 million in financing for three retail properties located in Ohio and Illinois. Michael Strober of CBRE Melody arranged the financing on behalf of Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust. Principal Real Estate Investors was the lender in each transaction.
In Columbus, a $27.6 million loan was arranged for the Shops on Lane Avenue, a 177,092-square-foot retail center located at 1555-1735 W. Lane Ave. The loan has a fixed rate of 5.95 percent, interest only, with a 5-year term. Also in Columbus, a $21.6 million loan was arranged for Olentangy Plaza, a 253,330-square-foot community shopping center located at 734-889 Bethel Rd. The loan has a 5.88 percent fixed rate with a 10-year term, and the initial 5 years interest only. Finally, in Glen Ellyn, a $24.5 million loan was arranged for Market Plaza, a 162,705-square-foot retail center located at 535-613 Roosevelt Rd. The loan carries a 5.88 percent interest rate over a 10-year term with the first 5 years interest only.
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