Eastern Union Facilitates $13M Financing for $19.5M Ohio Retail Acquisition

Eastern Union has successfully arranged a $12.96 million financing package to support the $19.5 million acquisition of Lima Center, a 174,078-square-foot retail property located in Lima, Ohio. The transaction highlights a continuing trend of capital targeting grocery-anchored and necessity-based retail centers in secondary markets across the Midwest.

According to Connect CRE, the financing was secured by a specific Eastern Union team consisting of Managing Director Jack Beida, Senior Managing Director Michael Muller, and Commercial Loan Analyst Mike Orlik. The trio worked to bridge the gap between the buyer and the capital required to close the $19.5 million purchase.

Key Details

The subject of the transaction, Lima Center, offers 174,078 square feet of retail space. While the anchor tenant was not explicitly detailed in the initial report, properties of this size and financial profile in the current market cycle typically feature a mix of grocery, discount retailers, and service-oriented tenants that drive consistent foot traffic.

• Location: Lima, Ohio
• Property Size: 174,078 square feet
• Purchase Price: $19.5 million
• Financing Secured: $12.96 million
• Brokerage Team: Jack Beida (Managing Director), Michael Muller (Senior Managing Director), and Mike Orlik (Commercial Loan Analyst) at Eastern Union

Based on the purchase price and the property's square footage, the deal reflects a price per square foot of approximately $112.01. The $12.96 million loan covers roughly 66.4% of the total acquisition cost, a loan-to-value ratio that indicates a balanced approach to leverage by the lender and borrower.

Market Context

This transaction serves as an indicator of the broader commercial real estate lending landscape, specifically within the retail sector. Following years of uncertainty spurred by the rapid rise of e-commerce, physical retail—particularly unglamorous, necessity-based centers in the Midwest—has demonstrated profound resilience. Investors are increasingly drawn to secondary markets like Lima due to favorable pricing dynamics compared to top-tier coastal cities, alongside a built-in demand for essential goods and services.

Lenders, while remaining cautious in the current higher-interest-rate environment, are showing a willingness to deploy capital for assets with strong fundamental drivers. The $12.96 million financing arranged by Eastern Union points to a healthy availability of debt for retail acquisitions where the basis makes sense and the tenancy provides stable cash flow. For CRE professionals, deals like the Lima Center acquisition confirm that secondary market retail remains a liquid and active asset class. The ability to secure financing at a traditional two-thirds leverage ratio suggests that institutional debt providers view well-maintained suburban retail centers as a reliable hedge against broader economic volatility.