BERNARD FINANCIAL ARRANGES $16M CMBS LOAN FOR MICHIGAN RETAIL CENTER

MADISON HEIGHTS, MICH. — Bernard Financial Group has arranged a $16 million CMBS loan to refinance Madison Place Shopping Center. The retail property contains 235,502 square feet and is located in Madison Heights, a suburb of Detroit. Tenants at the shopping center include Dunham’s Sports, Jo-Ann Fabric and Craft Stores, David’s Bridal, OfficeMax, Michaels, Dollar Tree and AMC Theatres. The property is shadow anchored by Target and Big Lots. Dennis Bernard and Kevin Kovachevich originated the loan for the borrower, Madison Place LLC.