WATERFORD AND INDEPENDENCE, MICH. — The Detroit office of Berkadia Commercial Mortgage LLC has originated $20.5 million in financing for two retail properties in the Detroit metropolitan area totaling 185,184 square feet. Ernie Katai, senior vice president, and William Brenner, vice president at Berkadia, worked with borrower DS Partners LP to secure the loan through Nationwide Life Insurance Co. The borrower will use the 27-year loan to refinance existing debt on the properties. The loan features a 4.55 percent fixed interest rate and a 75 percent loan-to-value ratio. Both properties are located 40 miles northwest of downtown Detroit at 5111 Highland Road in Waterford, and 5990 Sashabaw Road in Independence. The properties are 92 percent occupied collectively. Kroger anchors each property and additional tenants include Starbucks and Panera Bread.
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