NorthPoint Capital – SE Michigan, Inc. has refinanced a $1.82 million loan on an office building in Shelby Township, Michigan, known as Stoneridge Professional Village.
Built in 2005, the 19,525-square-foot property is located in a commercial corridor of the northern Detroit suburbs on Van Dyke Road. The professional office property was 100-percent leased at the time of closing. The loan refinanced a maturing CMBS loan.
NorthPoint initially faced the challenge of the largest tenant having an upcoming lease expiration and the borrower not yet knowing if it planned to remain in the space. However, NorthPoint was still able to refinance the property on the merit of its condition, location and the strong office market.
“The borrower was looking for a replacement tenant and needed a lender that shared our confidence that the project would be re-leased within a reasonable timeframe,” says president and originator Keith Volgman. “NorthPoint was able to identify the right capital source due to our extensive contacts in the capital markets.”
