Pangea Mortgage Capital (“PMC”), a nationwide commercial lender headquartered in Chicago, Illinois, closed an $8.5 million loan for the acquisition and repositioning of a retail community center located in suburban Cleveland.
In the second quarter of 2021, PMC worked with an experienced, national retail owner-operator to provide acquisition financing for the 182,000 sq. ft. subject property. With PMC’s loan, the Borrower will be able to execute on their business plan to re-stabilize the center with new tenants that complement the existing lessees, thus unlocking the full value potential of the site. PMC’s team worked hand in hand with the Borrower’s leasing, property management, and asset management representatives to structure a loan that both provided cash for the initial acquisition, as well as additional proceeds for capital projects and future lease-up needs.
The floating-rate and interest-only loan has an initial term of 24 months with two six-month options to extend.
About Pangea Mortgage Capital:
Pangea Mortgage Capital (the “Company”) is a nationwide commercial lender headquartered in Chicago, Illinois. PMC provides financing on real estate-backed assets, with loan sizes between $2 million and $40 million. The Company is a subsidiary of Pangea Properties, a national multifamily housing owner of 13,000+ units. It is PMC’s mission to serve lower and middle market real estate investors, owners, and operators by unlocking value through creative, flexible transactions and leveraging its on-balance sheet capital to execute efficiently. To learn more about the Company, please visit www.pangeamortgage.com.
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