MCB RE Receives $21M Loan For Shopping Center Acquisition
Having recently acquired the Drexeline Shopping Center in the Drexel Hill neighborhood of Upper Darby, MCB Real Estate has secured a $21.7M loan for the property from Flushing Bank.
The 264k SF mixed-use development contains retail and office space, anchored by a ShopRite supermarket. It sits on over 18 acres, and the loan is meant as permanent capital to cover part of the $30M acquisition cost, as well as to provide a secure line of credit for future retail leases and expansions, according to CoStar.
HFF, which brokered the loan with Flushing Bank, estimates the shopping center averages about 35,000 cars per day. [CoStar]