{"id":1004738694,"date":"2024-11-27T00:32:02","date_gmt":"2024-11-27T08:32:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004738694"},"modified":"2024-11-28T08:03:00","modified_gmt":"2024-11-28T16:03:00","slug":"cfm-properties-lands-39m-for-detroit-area-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cfm-properties-lands-39m-for-detroit-area-retail-center\/","title":{"rendered":"CFM Properties Lands $39M for Detroit-Area Retail Center"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"855\" height=\"642\" data-attachment-id=\"1004738698\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/gateway-center-in-detroit-mich-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Gateway-Center-in-Detroit-Mich-edited.jpg\" data-orig-size=\"855,642\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Gateway Center in Detroit, Mich\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Gateway-Center-in-Detroit-Mich-edited.jpg?w=855\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Gateway-Center-in-Detroit-Mich-edited.jpg\" alt=\"Aerial shot of Gateway Center, a 272,300-square-foot regional shopping center in West Bloomfield, Mich.\" class=\"wp-image-1004738698\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Gateway-Center-in-Detroit-Mich-edited.jpg 855w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Gateway-Center-in-Detroit-Mich-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Gateway-Center-in-Detroit-Mich-edited.jpg?resize=768,577 768w\" sizes=\"auto, (max-width: 855px) 100vw, 855px\" \/><figcaption class=\"wp-element-caption\">Whole Foods, Kohl&#8217;s and Walgreens anchor The Gateway Center. <em>Image courtesy of Red Oak Capital Holdings<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>CFM Properties has obtained a combined $38.5 million for The Gateway Center, a 272,300-square-foot regional shopping center in West Bloomfield, Mich. Citibank and Red Oak Capital Holdings provided the financing.<\/p>\n\n\n\n<p>The larger note, originated by Citibank, is a five-year, $24 million CMBS loan, according to CommercialEdge information. The interest-only note carries a rate of 7.7 percent.<\/p>\n\n\n\n<p>The $14.5 million bridge loan issued by Red Oak is also interest-only, with a two-year initial term. Red Oak&#8217;s Stratos Athanassiades, Thomas Gorski and Jesus Martinez handled the financing proceedings. SF Capital Group&#8217;s Matt Shane was also instrumental in the deal.<\/p>\n\n\n\n<p>The property&#8217;s previous debt included a $42.5 million financing package originated by Seven Hills Realty Trust in 2021. Of the total, approximately $5.1 million were earmarked for tenant improvements and capital expenditures.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rethinking-gateway-center\">Rethinking Gateway Center <\/h2>\n\n\n\n<p>Completed in 1999 on a 3-acre site, The Gateway Center was 95 percent leased at the time of closing. Retailers such as Whole Foods, Kohl\u2019s, Walgreens and Dunham\u2019s Sports anchor the property. <\/p>\n\n\n\n<p>The bridge loan proceeds will refinance only part of the <a href=\"https:\/\/www.commercialsearch.com\/news\/shopping-center-reits-making-a-comeback\/\">shopping center<\/a>, the 115,491-square-foot portion that includes Kohl\u2019s, Harbor Seafood, J. Alexanders Restaurant, four other in-line stores and a currently empty lot. The remainder will be refinanced through the CMBS note.<\/p>\n\n\n\n<p>CFM Properties plans to retain the Kohl\u2019s pad and sell all outparcels to pay back the Red Oak loan. The ownership also intends to either redevelop Kohl\u2019s into a luxury residential community or renew Kohl\u2019s lease and refinance the pad long-term.&nbsp;<\/p>\n\n\n\n<p>The Gateway Center is at 7130-7440 Orchard Lake Road, near U.S. Road 10. Downtown Detroit is some 23 miles southeast.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Citibank and Red Oak Capital Holdings provided the financing.<\/p>\n","protected":false},"author":3619,"featured_media":1004738698,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1495,21825,13,21742,21749],"tags":[33457,35826],"class_list":["post-1004738694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-detroit","category-finance","category-midwest","category-latest","category-retail","tag-citibank","tag-cmbs"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CFM Properties Lands $39M for Detroit-Area Retail Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"CFM Properties obtained a combined $38.5 million for The Gateway Center, a regional shopping center in West Bloomfield, Mich., near Detroit.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cfm-properties-lands-39m-for-detroit-area-retail-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CFM Properties Lands $39M for Detroit-Area Retail Center\" \/>\n<meta property=\"og:description\" content=\"CFM Properties obtained a combined $38.5 million for The Gateway Center, a regional shopping center in West Bloomfield, Mich., near Detroit.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cfm-properties-lands-39m-for-detroit-area-retail-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-27T08:32:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-28T16:03:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Gateway-Center-in-Detroit-Mich-edited.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"855\" \/>\n\t<meta property=\"og:image:height\" content=\"642\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Maria Maruta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cfm-properties-lands-39m-for-detroit-area-retail-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cfm-properties-lands-39m-for-detroit-area-retail-center\/\",\"name\":\"CFM Properties Lands $39M for Detroit-Area Retail Center - 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