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Chicago & Midwest  + Midwest  + Retail  |  November 26, 2024
Jasmine Kilman
By: Jasmine Kilman

Red Oak Provides $14.5M for Detroit Shopping Center

Red Oak Capital Holdings, LLC has provided $14.5 million in financing for Gateway Center, a 272,300-square-foot regional shopping center in West Bloomfield, Michigan.

The proceeds will be used to refinance a portion of the multi-tenant property. The interest-only loan carries a 24-month initial term, floor rate of 10.00%, and an LTSV of 68.19%.

Stratos Athanassiades, Red Oak’s Regional Manager-Midwest, originated the loan, which was underwritten by Thomas Gorski, Senior CRE Underwriter and closed by Jesus Martinez, Senior CRE Loan Administrator. Matt Shane, principal with SF Capital Group, brought the loan to Red Oak on behalf of the sponsor, CFM Properties.

The Red Oak loan is secured by the 115,491-square-foot portion of the center containing Kohl’s, Harbor Seafood, J. Alexanders Restaurant, four in-line tenants and a vacant outparcel. The remaining 156,802 square feet of the shopping center will be refinanced with a new $24-million CMBS loan from Citigroup.

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Red Oak Capital Holdings

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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