$1.87mm CU CRE Loan ParticipationProposed Wawa Ground Lease - Urbana, OH
Commercial Construction · RetailOffered through the Cohen Securities, LLC Whole Loan Desk
The Offering
| Offering | A proposed 90% participation interest in a loan pending origination. Funding is subject to completion of underwriting, lender approval and closing. |
| Structure | Loan participation; pro-rata pass-through of principal and interest per the Loan Participation Agreement. |
| Seller | Credit Union (name and financials available upon execution of NDA). |
| Servicer | Seller; servicing retained. |
| Facilitator | Cohen Securities, LLC, Member FINRA / SIPC. |
| Collateral | Retail at 848 Scioto Street, Urbana, OH, 43078. |
| Pricing | Indicative price and yield are subject to confirmation and definitive transaction documents. |
| Minimum Purchase | AON |
| Accrued Interest | Paid by Buyer at settlement per the trade confirmation. |
| Due Diligence | Underwriting and third-party review are in progress. Final terms and closing remain subject to lender approval and definitive documentation. |
Loan Summary
| # of Loans | 1 |
|---|---|
| Loan Number | 100826839 |
| Borrower | Davids Rombach LLC |
| Loan Type | Commercial Construction |
| Property Type | Retail |
| Industry | n/a |
| Occupancy | Non-owner occupied; proposed construction |
| Fixed/Adjust | Adjustable |
| Original Balance | $2,080,000.00 |
| Current Balance | $2,080,000.00 |
| Participation Balance | $1,872,000.00 |
|---|---|
| Participation Percent | 90% |
| Note Rate | 7.490% |
| Servicing | 0.25% |
| Net Rate | 7.240% |
| Original Amortization | 300 |
| Remaining Amortization | 300 |
| Original Term | 192 |
| Remaining Term | 192 |
| Loan Age | 0 |
|---|---|
| Original FICO | 707 |
| Original LTV | 65.00% |
| Original DSCR | 1.20x |
| Original Global DSCR | 1.92x |
| Address | 848 Scioto Street |
| City | Urbana |
| State | OH |
| Zip Code | 43078 |
Official Offering
| Offering Price | Offered at 101.75 to yield 7.074% (No Losses) or +204 bp UST Spread to 5.81 Year WAL |
Transaction Terms
| Servicing | Retained by Seller at 25 basis points per annum on the outstanding participated balance. |
| Remittance | Monthly remittance of collected principal and interest, net of the servicing fee. |
| Reps & Warranties | Customary secondary-market representations and warranties as set forth in the definitive transaction documents. |
| Documentation | Loan Participation and Servicing Agreement; participation certificate delivered at settlement. |
| Regulatory | Structured to satisfy NCUA loan participation requirements (12 CFR 701.22), with Seller retaining the required interest in each participated loan. |
| Expenses | Each party bears its own costs and expenses, including legal review of transaction documents. |
| Funding | Loan funding assumed concurrent with settlement date of participation. |
Property Location
State Context
This document is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offer or solicitation will be made only through definitive transaction documents and only to qualified institutional buyers. Past performance is not indicative of future results. Cohen Securities, LLC is a wholly-owned broker-dealer subsidiary of Cohen & Company Financial Group. Please see important disclaimer at the end of this document for more information.
© 2026 Cohen Securities, LLC. All rights reserved.
Commercial Real Estate (CRE) Snapshot
$1.87mm CU CRE Loan Participation (Proposed Wawa Ground Lease) Urbana, OH 11-6-26
Commercial Construction · Retail
Data As-of Date: 2026-10-15 | Projected Settlement: 2026-11-06
Wawa
Commercial Construction · Retail
Borrower: Davids Rombach LLC
Property Description
Proposed Wawa ground lease on 2.33 acres at 848 Scioto Street, Urbana, Champaign County, OH 43078. Borrower develops pad and access improvements; Wawa builds the proposed 6,372-SF convenience store. Collateral is land and assigned ground lease. Wawa Midwest LLC is tenant; Wawa Inc. guarantees the lease, distinct from the loan guarantor. Initial lease: 20 years from rent commencement; six unexercised five-year options. Annual base rent: $220,000 years 1-5, $242,000 years 6-10, $266,200 years 11-15, $292,820 years 16-20. Completion and rent commencement remain unconfirmed.
Loan Description
| Loan Number | 100826839 |
|---|---|
| As-Of Date | 2026-10-15 |
| Loan Sector | Commercial |
| Vintage | 2026 |
| Rate Type | Adjustable |
| Loan Type | Commercial Construction |
| Industry | n/a |
| Property Type | Retail |
| Borrower Name | Davids Rombach LLC |
| Original Balance | $2,080,000.00 |
| Current Balance | $2,080,000.00 |
| Participation Balance | $1,872,000.00 |
| Participation Percent | 90% |
| Note Rate | 7.490% |
| Servicing | 0.25% |
| Net Rate | 7.240% |
| Amortization (months) | 300 |
| Remaining Amortization | 300 |
| Original Term | 192 |
| Remaining Term | 192 |
|---|---|
| Loan Age | 0 |
| Index | FHLB 5YR |
| Margin | 2.75% |
| First Reset Date | 2032-11-06 |
| Next Reset Date | 2032-11-06 |
| Current Months to Reset | 72 |
| Prepay Penalty | Open |
| First Payment Date | 2026-12-06 |
| Last Payment Date | n/a |
| Next Payment Date | 2026-12-06 |
| Recourse Type | Full |
| Guarantor Name | Robert T. George |
| Guarantor Liquidity | n/a |
| Guarantor Net Worth | $241,558,300.00 |
| Net Operating Income | $219,287.00 |
| Original FICO | 707 |
| Original LTV | 65.00% |
| Original DSCR | 1.20x |
|---|---|
| Original Global DSCR | 1.92x |
| Street | 848 Scioto Street |
| City | Urbana |
| State | OH |
| Zip Code | 43078 |
| Note Date | 2026-11-06 |
| Maturity Date | 2042-11-06 |
| Original IO Months | 12 |
| Remaining IO Months | 12 |
| Original Months to Reset | 72 |
| Adjustment Frequency | 60 |
| Life Floor | 5.990% |
| Original Appraised Value | $1,430,000.00 |
| Effective gross income | $220,000.00 |
| Operating expenses | $713.00 |
| Cap Rate | 5.00% |
| Loan Purpose | Ground-up construction to permanent financing |
Proposed financing. Underwriting, final terms and closing remain subject to completion and lender approval. Periods are in whole months. n/a means unavailable or inapplicable. Dates assume funding at settlement.
Valuation & Relative Value
Transaction Considerations
Local Economic Profile
Local observations provide market context for the property; the geography and source are shown for each figure.
Commercial Real Estate (CRE) Snapshot
$1.87mm CU CRE Loan Participation (Proposed Wawa Ground Lease) Urbana, OH 11-6-26
Commercial Construction · Retail
Data As-of Date: 2026-10-15 | Projected Settlement: 2026-11-06
Scenario Yield Analysis
No loss · Parallel Treasury shocks| Metric | Base | -300 | -200 | -100 | +100 | +200 | +300 |
|---|---|---|---|---|---|---|---|
| Expected Payoff Date | 2032-11-06 | 2032-05-06 | 2032-05-06 | 2032-10-06 | 2032-11-06 | 2032-11-06 | 2032-11-06 |
| Market Price | 101.750 | 115.113 | 110.211 | 105.900 | 96.803 | 92.601 | 88.631 |
| Market BEY | 7.074% | 4.074% | 5.074% | 6.074% | 8.074% | 9.074% | 10.074% |
| BEY at Entry Price | 7.074% | 7.048% | 7.048% | 7.070% | 7.074% | 7.074% | 7.074% |
| WAL (years) | 5.81 | 5.35 | 5.35 | 5.74 | 5.81 | 5.81 | 5.81 |
| Principal Return | Month 72 | Month 66 | Month 66 | Month 71 | Month 72 | Month 72 | Month 72 |
| Balloon Principal | $1,719,180.35 | $1,737,193.42 | $1,737,193.42 | $1,722,230.07 | $1,719,180.35 | $1,719,180.35 | $1,719,180.35 |
| Price Change | 0% | 13.13% | 8.32% | 4.08% | -4.86% | -8.99% | -12.89% |
Market prices hold the base-case Treasury spread constant. For fixed-rate CRE without a reset, expected payoff averages the modeled payoff probabilities through maturity under each shock; principal return uses the nearest payment month. Pending loans use the current pricing curve as their projected origination reference. First-reset loans retain their reset horizon. Protection, pooled rate bands and rounding can produce matching dates.
Base-Case Cash Flow
Projected closing 2026-11-06Base-Case Cash Flow Schedule
Investor cash by projection period| Months | Net Interest | Scheduled Principal | Balloon / Payoff | Other Cash | Total Cash | Ending Balance |
|---|---|---|---|---|---|---|
| 1–12 | $137,415.20 | $0.00 | $0.00 | $0.00 | $137,415.20 | $1,872,000.00 |
| 13–24 | $136,548.43 | $26,119.84 | $0.00 | $0.00 | $162,668.27 | $1,845,880.16 |
| 25–36 | $134,562.92 | $28,173.90 | $0.00 | $0.00 | $162,736.83 | $1,817,706.26 |
| 37–48 | $132,421.28 | $30,389.50 | $0.00 | $0.00 | $162,810.78 | $1,787,316.77 |
| 49–60 | $130,111.22 | $32,779.33 | $0.00 | $0.00 | $162,890.54 | $1,754,537.44 |
| 61–72 | $127,619.49 | $35,357.09 | $1,719,180.35 | $0.00 | $1,882,156.93 | $0.00 |
Monthly investor cashflows use the same saved no-loss base case as the yield calculation. Scheduled principal, balloon payoff and interest after servicing remain distinct.
Commercial Real Estate (CRE) Snapshot
$1.87mm CU CRE Loan Participation (Proposed Wawa Ground Lease) Urbana, OH 11-6-26
Commercial Construction · Retail
Data As-of Date: 2026-10-15 | Projected Settlement: 2026-11-06
Property & Supporting Financials
Source & Proposed Financing Basis
Source Treatment
Presentation Methodology
Location & Geographic Context
Census 2023 tract boundaries; FFIEC reference observations (year unavailable). Area context, not property underwriting or parcel flood coverage. Additional business labels were unavailable from the map source.
Commercial Real Estate (CRE) Snapshot
$1.87mm CU CRE Loan Participation (Proposed Wawa Ground Lease) Urbana, OH 11-6-26
Commercial Construction · Retail
Data As-of Date: 2026-10-15 | Projected Settlement: 2026-11-06
Methodologies
Source & Core Fields
Loan requests and reviewed source documents provide the loan terms, collateral and borrower information. The Loan Description table retains all core fields; n/a identifies unavailable or inapplicable information. Missing optional information may be omitted. Original FICO, LTV, DSCR and global DSCR retain their stated basis.
Projected Funding & Dates
Loan funding assumed concurrent with settlement date of participation. For pending loans, the displayed settlement is the projected origination date. Term, amortization, interest-only and reset periods use whole months, with no seasoning. Calendar dates use month-end clamping. An unsupplied first payment date uses the reported frequency, or assumes monthly payment one month after origination when frequency is unavailable; last payment remains n/a before funding. These assumptions do not establish actual funding or payment history.
Note Rate & Net Rate
Formula-based indicative coupons use the latest applicable published index plus the stated margin, subject to contractual floors and applicable rounding. Fixed quotes retain their stated coupon. Net rate deducts the disclosed servicing fee. Historical request DSCR is not silently recalculated at an updated indicative coupon.
Price, Yield & Relative Value
Price is quoted per $100 of principal. Bond Equivalent Yield is calculated from investor cashflows after servicing on a no-loss basis. Weighted average life reflects the timing of principal returns. Treasury spread compares yield with the Treasury curve interpolated at weighted average life. Missing benchmark or pricing results remain unavailable.
Scenario Analysis & Principal Return
Interest-rate shocks reprice the modeled cashflows and refinancing incentives. Expected payoff timing uses the CRE payoff model and whole-month projections; loans with a first-reset horizon retain that horizon. The base-case chart includes scheduled and balloon principal. These are analytical estimates, not commitments to repay or refinance on a particular date.
Property & Geographic Information
Maps show approximate property location. Geographic indicators describe the applicable area and are not property-specific underwriting conclusions. Reviewed photographs and historical marketing information do not establish current condition, occupancy or lease terms.
Commercial Real Estate (CRE) Snapshot
$1.87mm CU CRE Loan Participation (Proposed Wawa Ground Lease) Urbana, OH 11-6-26
Commercial Construction · Retail
Data As-of Date: 2026-10-15 | Projected Settlement: 2026-11-06
Important Disclosures
This information is intended solely for institutional investors. By accessing this document, you confirm your institutional status. Information provided is for informational purposes and decision support only and does not constitute an offer, bid, solicitation, or recommendation regarding any security, whole loan, loan participation, or investment strategy. Any offer or solicitation will be made only through definitive transaction documents and only to qualified institutional buyers. Nothing herein should be considered investment, legal, tax, or accounting advice. Past performance is not indicative of future results. All information is believed reliable but is provided on an "as is" basis without warranties of accuracy, completeness, or timeliness. The information contained herein is confidential and intended solely for the recipient. It may not be distributed, copied, or shared without prior written approval of Cohen Securities, LLC. While believed to be accurate, no representations or warranties are made as to completeness or accuracy. Securities are offered through Cohen Securities, LLC, a registered broker-dealer and member of FINRA and SIPC.
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