BERNARD FINANCIAL ARRANGES $24.5M LOAN TO REFINANCE DETROIT OFFICE BUILDING

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DETROIT — Bernard Financial Group has arranged a $24.5 million, non-recourse CMBS loan to refinance a 23-story office building in Detroit. The building is located at 1001 Woodward Ave. The property has attached parking and ground-floor retail containing 298,517 square feet of net rentable area and 729 parking spaces. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan on behalf of the borrower, 1001 Webward LLC. The CMBS lender is a servicing correspondent of Bernard Financial Group. Bedrock Real Estate Services operates the office building.

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