The loan is a five-year fixed rate note with a 20-year amortization schedule. The loan was placed with Charter One Bank, which closed the loan at 5.97% on behalf of West Michigan Mobile Associates Limited Partnership.
Also, Bernard Financial Group has arranged a $22 million loan for the Fisher and Albert Kahn Buildings. The borrowing entities for the two buildings, totaling 767,775-sf, are FK North LLC and FK South LLC. The lender is Archon Financial.
Bernard also arranged a $6 million loan for the 290,592-sf Redford Trade Center and a $4.2 million loan for Sunnymeade Apartments in Troy through Prudential Mortgage Capital, and a $7.4 million loan for a Murray's Discount Auto Stores industrial building, 184,320-sf, in Belleville, MI, for Kirkway LLC. The lender is G.E. Asset Management.
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