DETROIT – The Detroit office of Berkadia Commercial Mortgage LLC (Berkadia) recently originated $20.5 million in financing for two retail properties located in the Detroit metropolitan area. Senior Vice President Ernie Katai and Vice President William Brenner worked with borrower DS Partners LP to secure the loan through Nationwide Life Insurance Company. Katai and Brenner worked with both parties to sign the loan application and lock in the interest rate one day after the deal was quoted.
The borrower will use the 27-year loan to refinance existing debt on the properties. Loan terms include a 4.55 percent fixed interest rate and a 75 percent loan-to-value ratio.
Both properties are located approximately 40 miles northwest of downtown Detroit, at 5111 Highland Road in Waterford, Mich. and 5990 Sashabaw Road in Independence, Mich. Together, they sit on nearly 25 acres of land and span 185,184 square feet. The properties are 92 percent occupied collectively. Each property is anchored by a Kroger grocery store, and additional tenants include Starbucks Coffee and Panera Bread.
“Amid an uncertain interest rate environment, borrowers are increasingly eager to lock in favorable loan terms quickly,” said Katai. “Berkadia’s experience financing retail properties and working with life companies allowed us to secure solid terms and close the loan well within the borrower’s timeframe.”
Property images are available upon request.
Berkadia Commercial Mortgage LLC, one of the most prominent lenders in the commercial real estate industry, is a highly rated master, primary and special servicer managing a portfolio of more than $240 billion as of June 30, 2013. As a correspondent for insurance companies and other institutional lenders and a leading approved lender for Fannie Mae, Freddie Mac and HUD/FHA, Berkadia offers clients access to capital for the acquisition, construction, rehabilitation or refinance of commercial real estate properties. Through the acquisition of Hendricks & Partners, Berkadia now adds multi-family advisory services and investment sales to its capabilities.
To learn more about Berkadia, please visit www.berkadia.com.
Bliss Integrated Communication