CFM Properties Secures $38.5M Financing For The Gateway Center In West Bloomfield Michigan
7130 Orchard Lake Road
$38,500,000
$141/SF
Building Size
272,300 SF
Asset Type
Retail
Closing
Nov 27, 2024
About this deal
AI
The Gateway Center is a retail asset located at 7130-7440 Orchard Lake Road in West Bloomfield, MI, spanning 272,300 square feet across 3 acres. CFM Properties secured a financing package amounting to $38.5 million, which consists of $24 million from Citibank and a $14.5 million bridge loan from Red Oak Capital Holdings.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $38,500,000
- Address: 7130-7440 Orchard Lake Road
- Market: West Bloomfield, MI
- Asset Size: 272,300 SF
- Acres: 3
- Lender: Citibank
- Bridge Loan Provider: Red Oak Capital Holdings
- Key Individuals: Stratos Athanassiades, Thomas Gorski, Jesus Martinez
- Landlord: CFM Properties
Plans associated with this financing include the sale of outparcels to repay the bridge loan and a potential redevelopment or lease renewal for Kohl's aimed at long-term refinancing strategies.
Players
West Bloomfield Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.41%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93