Eli Weisblum
Senior Director - Capital Services
Ariel Property Advisors
Paul McCormick
Partner - Sales Management
Ariel Property Advisors
CHESTERFIELD, MI – NEW YORK, NY – August 30, 2022 – – Ariel Property Advisors has arranged a $14 million loan to refinance Chesterfield Village, a 156,960 SF shopping center in Chesterfield, Michigan. The loan featured a 5.25 percent interest rate, 25-year amortization schedule and 5+5-year term with no prepayment penalty.
The 75% LTV financing was secured by an Ariel team including Eli Weisblum, Senior Director, Capital Services, and Paul McCormick, Partner, Sales Management.
“Over three quarters of the shopping center consists of a mix of national and credit tenants, making it a highly desirable asset in an ideal market outside of the Detroit metro area,” Weisblum said. “The loan offered attractive terms as well as allowing our client to cashout to replace the roof and replenish their reserve account.”
For more information, please contact: Sarah Berman at 212.450.7300 or sberman@bermangrp.com.
