Red Oak Capital Holdings, LLC has provided $14.5 million in financing for Gateway Center, a 272,300-square-foot regional shopping center in West Bloomfield, MI. Written under the firm’s Core-Plus Bridge Loan Program, the loan carries a 24-month initial term, floor rate of 10.00%, and an LTSV of 68.19%. The proceeds will be used to refinance a portion of the multi-tenant property, which sits in a highly trafficked retail corridor in the densely populated, affluent Detroit suburb.
Situated on a three-acre site at 7130-7440 Orchard Lake Rd., Gateway Center is 95% occupied and anchored by Whole Foods, Kohl's, Walgreens and Dunham’s Sports. The Red Oak loan is secured by the 115,491-square-foot portion of the center containing Kohl’s, Harbor Seafood, J. Alexanders Restaurant, four in-line tenants and a vacant outparcel. The remaining 156,802 square feet of the shopping center will be refinanced with a new $24-million CMBS loan from Citigroup.
Stratos Athanassiades, Thomas Gorski, and Jesus Martinez originated, underwrote, and closed the loan for Red Oak. SF Capital Group’s Matt Shane brought the loan to Red Oak on behalf of the sponsor, CFM Properties. The sponsor plans to retain ownership of the Kohl’s pad and in-line stores, ultimately sell each of the outparcels and use the proceeds to pay down the Red Oak loan. The borrower will then either redevelop the Kohl’s into a luxury multifamily community or renew the Kohl’s ground lease and refinance the pad with long-term debt.
This is the official website of Red Oak Capital Holdings. Due to a rise in imposters using names and logos of legitimate lenders, please be careful and confirm the legitimacy of those with whom you are doing business. You may contact the proper authorities such as the FTC, IRS or FBI, to report any suspicious activities. 12/22/2023
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This is the official website of Red Oak Capital Holdings. Due to a rise in imposters using names and logos of legitimate lenders, please be careful and confirm the legitimacy of those with whom you are doing business. You may contact the proper authorities such as the FTC, IRS or FBI, to report any suspicious activities. 12/22/2023
Copyright © 2023 Red Oak Capital Holdings. All rights reserved.
Privacy Policy Terms of Use