Seeking $26 Million Real Estate Bridge Loan
Now Accepting Letters of Interest
FUND: $26 million real estate loan ($34.96 psf)
COLLATERAL: 4 class A office buildings (743,690 sf)
LOCATION: West 11 Mile Road, Southfield, Michigan
PURPOSE: Take out existing mortgage
PORTFOLIO VALUE BASED ON APPRAISAL (as-is): $46,108,780* (i.e., $62.00 psf) (56% LTV)
Southfield Michigan is a major office hub containing approximately one‐tenth of the Detroit metropolitan market office space. The subject properties were previously the global headquarters of Blue Cross / Blue Shield and, as such, were built‐out to the highest quality standards. Since vacating, Skymark has leased 227,726 square feet to credit worthy tenants, Stefanini, Inc. and Federal Mogul.
The Detroit metropolitan office market has seen a resurgence of activity from both established and startup technology companies. A receiver was appointed in September 2018.
The receiver failed to make the October 1, 2018 mortgage payment or any payment since then, thereby putting the mortgage into default.