$10.1MM PERMANENT LOAN FOR RICHMOND, VA NEIGHBORHOOD RETAIL CENTER
10 year fixed-rate financing with 1 year of interest-only payments
Food Lion & YouFit anchored center
Dominant retail property in the trade area
Cronheim Mortgage arranged permanent financing of $10.1 million for Oak Hill Plaza, a 111,680 square foot grocery-anchored retail property located in Richmond, Virginia. The loan was structured with a 10 year term, 1 year of interest-only payments, and a 30 year amortization thereafter.
The Subject is situated in the East Highland Park neighborhood of Richmond, Virginia, less than 3 miles outside of the city. It is the dominant retail property within the trade area and features a 35,560 square foot Food Lion anchor as well as a 23,000 YouFit Health Club which opened in April of 2016. In addition to its anchors, the center boasts a diverse mix of tenants including Subway, H&R Block, Pizza Hut, CC’s Pet Spa, Shoe City, and Payless.