Grandbridge Secures $42.9M Loan for Acquisition of Retail Center in Chesterfield, Michigan
CHESTERFIELD, MICH. — Grandbridge Real Estate Capital has secured a $42.9 million first mortgage loan for the acquisition of Waterside Marketplace in Chesterfield, about 25 miles north of Detroit. Tenants at the 291,231-square-foot retail center include Dick’s Sporting Goods, Best Buy, TJ Maxx, Bed Bath & Beyond, Ulta, JoAnn Fabrics, Old Navy, DSW, Five Below, Party City, JC Penney and Lowe’s. Gerry Robbins of Grandbridge arranged the three-year loan, which features a 25-year amortization schedule and an interest rate in the low-four percent range. A Grandbridge correspondent lender provided the loan. Mid-America Real Estate Corp. brokered the sale on behalf of the buyer, PMAT Real Estate Investments.