Eastern Union Arranges $2.9 Million in Financing for Arcadia Lakes Shopping Center in Columbia, South Carolina

Columbia, S.C. — New York-based Eastern Union has secured $2.9 million in financing for the acquisition of Arcadia Lakes Shopping Center, a 33,684-square-foot shopping center located in Columbia. Marc Tropp of Eastern Union arranged the five-year mortgage on behalf of the buyer, CityWide Properties. The loan features a 75 percent loan-to-cost ratio and a 6.65 percent interest rate. Proceeds of the loan were used for the purchase of the shopping center, as well as for a line of credit for tenant improvements and leasing commissions. CityWide Properties is planning to upgrade Arcadia Lakes Shopping Center with new exterior lighting and paint, parking lot repaving and striping and fresh landscaping. Tenants at the property, which was 75 percent leased at the time of sale, include Rent-A-Center, Pizza Hut, Boost Mobile and Heights Finance.