The 10-year loan features three years of interest-only payments and was provided by a CMBS lender. This transaction was arranged by Meridian Capital Group managing director Rael Gervis, who is based in the company’s New York City headquarters.
Southfield Town Center is a 67-percent leased, 2.15-million-square-foot office property composed of five office towers and a retail pavilion. The asset is located at 1000-4400 Town Center, one of the most prestigious addresses in Southfield.
As an amenity-rich property, Southfield Town Center features over 93,000 square feet of concourse space and provides tenants with convenience retail amenities, food services options, a state-of-the-art fitness facility and the Skyline Club, a renowned executive dining club. In addition, the property features an on-site hotel, The Westin Southfield, with 388 deluxe guest rooms, a restaurant, banquet facilities and a health club.