Red Oak Capital Holdings, LLC has granted $14.5 million in financing for Gateway Center, a regional shopping center spanning 272,300 square feet in West Bloomfield, Michigan.
The funds will be utilized to refinance a section of the multi-tenant property. The loan is interest-only and has an initial term of 24 months with a floor rate of 10.00% and an LTSV (Loan-to-Stabilized Value) ratio of 68.19%.
Stratos Athanassiades, Red Oak’s Regional Manager-Midwest was responsible for originating the loan which was evaluated by Thomas Gorski, Senior CRE Underwriter and closed by Jesus Martinez , Senior CRE Loan Administrator . Matt Shane from SF Capital Group brought the loan opportunity to Red Oak on behalf of CFM Properties who are sponsoring this project.
This financing from Red Oak is secured against the portion of Gateway Center that encompasses Kohl’s department store , Harbor Seafood restaurant , J.Alexanders Restaurant along with four other tenants situated within it as well as one vacant outparcel . The remaining area measuring at around156802 square feet will be refinanced through a new CMBS (Commercial Mortgage Backed Securities)loan worth $24 million provided by Citigroup .
This news update originally appeared on Connect Commercial Real Estate News website.
