Deerwood Closes $19.2 Million Loan on Two Western Pennsylvania Centers

Beaver Falls & Waynesburg, Pa. — The two centers offer 287,000 square feet of retail.

The 127,000-square-foot Greene Plaza in Waynesburg, Pa.Beaver Falls & Waynesburg, Pa.  — Englewood Cliffs, N.J.-based Deerwood Real Estate Capital has closed on a $19.2 million loan for the 167,000-square-foot Chippewa Mall and the 120,000-square-foot Greene Plaza. Chippewa Mall is in Beaver Falls and features tenants such as Dunham’s Sports, Aldi’s Grocery and Heritage Valley Health. Greene Plaza in Waynesburg includes Big Lots, Aldi’s Grocery and Essent Healthcare as tenants.

The cross-collateralized, 10-year loan carries a rate of 4.75 percent with a 30-year amortization. The borrower’s existing loan contained a defeasance pre-payment penalty, but the borrower still prepaid the loan. The loan was 75 percent LTV, which allowed the borrower to cash out extra dollars. The deal was arranged by Deerwood’s Abe Katz, Joe Hercenberg and Mark Silversher.

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