Berkadia provided $23.25 million in financing for The Shops at Stony Creek, a retail strip center in Shelby Township, Michigan.
Senior Managing Director Colin Callaghan and Director Aaron Moll of Berkadia’s Detroit office secured the permanent refinancing on behalf of Michigan-based MJC Homes, Inc., and the deal closed on October 31.
The loan provided the borrower with a non-recourse 10-year fixed interest rate and a 30-year amortization. The loan was also sized to a 75 percent loan-to-value, which provided the borrower with an even greater loan-to-cost as they developed the site in the year prior.
Located at the southwest corner of 26 Mile Road and Van Dyke Avenue in Shelby Township, the property is anchored by LA Fitness, TJ Maxx, Ulta Beauty, Petco and Five Below. The property is shadow anchored by Kroger, which opened its doors in 2017.