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Westlake, Ohio — New York Life Real Estate Investors has arranged a $48 million refinancing loan for The Promenade at Crocker Park in Westlake, approximately 15 miles southwest of Cleveland.
The Promenade at Crocker Park is a 276,000-square-foot, Class A retail property. The shopping center features over 95 tenants including Apple, Trader Joes, DSW Shoe Warehouse and Dick’s Sporting Goods. The borrower, Stark Enterprises, is the original developer and has owned and managed the property since 1993. The fixed-rate loan features a 15-year term.