LIVONIA, MI-Ramco-Gershenson Properties Trust has obtained financing for $32 million on behalf of its Millennium Park, a 276,407-sf, retail property that is 100% leased.

According to Michael Strober, director of CBRE/Melody's Tampa, FL office, the loan was a refinance, following Ramco-Gershenson's all-cash purchase of the property during early summer 2005. Strober, who obtained funding on behalf of the Farmington Hills-based REIT through Citigroup Global Markets Realty Corp. in New York City, tells GlobeSt.com that the difficulty in placing the loan was in finding a low interest rate. "Because of the quality and low loan-to-value, it presented itself as a wonderful investment," he says. "We had eight to 10 quotes on the deal."

Terms of the financing include a 10-year loan term with a 30-year amortization at a fixed rate of 5.02%, and a loan-to-value of 60%. "This was a fairly new property and in beautiful shape," he says, adding that Citigroup got the nod to provide financing because he has worked with the company before. "The lender is extremely happy, and so is the borrower."

Built in 2000 and situated on Middlebelt Road, Millennium Park is a neighborhood retail center with tenants including Linens 'n Things; Marshalls, Michaels, Petsmart and Home Depot.