NEW YORK, NY – March 28, 2023 – Ariel Property Advisors (Ariel) has announced its Capital Services team arranged a $5.148 million non-recourse cash out refinance for a retail shopping center in Eastlake, Ohio. The five-year, fixed-rate loan included a 25-year amortization schedule with no prepayment penalty.

Matt Swerdlow and Matthew Dzbanek, Senior Directors with Ariel Property Advisors, arranged the transaction on behalf of the borrower.

The 140,000-square-foot shopping center is anchored by major tenants including Harbor Freight, Dollar Tree and Powerhouse Gym in addition to several other in-line tenants.

“Even in today’s unpredictable financing market, lenders are willing to offer non-recourse financing with competitive rates to well-positioned retail properties such as the Vineyards at Eastlake,” Swerdlow said. “A local lender presented the most attractive terms and stepped up to win the assignment. This closing is a testament to the relationships that we’ve developed across the country, which enable us to access capital in areas that many would overlook.”

Ariel has served as the preferred resource for real estate financing on multiple assignments for this client, a national retail owner-operator with over 2 million square feet of retail under management up-and-down the East Coast and across the nation.