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CFM Properties Secures $38.5M Financing For The Gateway Center In West Bloomfield Michigan

Property Image
FINANCED
$38,500,000

Michigan

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Retail272,300 SF
Financed 11/27/2024
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Property Image
FINANCED

CFM Properties Secures $38.5M Financing For The Gateway Center In West Bloomfield Michigan

7130 Orchard Lake Road

See Similar Deals
Retail272,300 SF
Financed 11/27/2024
the dealplayerscompscontact
Contact now

Summary

MICHIGAN
Asset Type:Retail
Price Per Square Foot:$141
Total Square Footage:272,300 SF
Transaction Type:Loan

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

Citibank
Citibank
LENDER
Red Oak Capital Holdings
Red Oak Capital Holdings
LENDER

Details

FINANCED
IMAGE: 11/27/2024 ADDRESS: 7130-7440 Orchard Lake Road MARKET: West Bloomfield, MI ASSET TYPE: Retail ~ SF: 272,300 ~ ACRES: 3 LENDER: Citibank; Red Oak Capital Holdings - Stratos Athanassiades, Thomas Gorski & Jesus Martinez LANDLORD: CFM Properties LOAN AMOUNT: $38,500,000 NOTE: CFM Properties secured $38.5M in financing for The Gateway Center, a 272,300-square-foot shopping center in West Bloomfield, Mich., with $24M from Citibank and a $14.5M bridge loan from Red Oak Capital Holdings. Plans include selling outparcels to repay the bridge loan and potentially redeveloping or renewing Kohl's lease for long-term refinancing.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$38,500,000.00

Monthly NOI$256,666.67
Monthly Debt Service$243,346.19
Change in Cash Flow$0.00
Refinance Proceeds$0.00