Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

NOVI, MI-L.J. Melody & Co., the real estate investment banking division of CB Richard Ellis, has arranged financing for the construction of the $21-million Meadowbrook Medical Center located here. The project is sponsored by several local physicians whose offices will anchor the project.

Meadowbrook Medical Center is a ground-up development of a two-story medical office building and ambulatory surgery center with a net rentable 134,000 sf. The building was 60% leased at the closing of the construction loan. Tim Noonan and John Clifford of L.J. Melody’s Chicago office arranged the financing.

In other financing news, Arbor Commercial Mortgage arranged for a $1-million loan through Fannie Mae to refinance the 206-unit Williamsburg Townhouse Cooperative in St. Clair Shores. The 10-year fixed rate loan amortizes on a 30-year schedule and carries a note rate of 5.42%. Michael Jehle, Arbor’s Detroit area regional director, originated the loan.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.