DETROIT — Bernard Financial Group has arranged a $70 million loan to refinance the First National Building in downtown Detroit. The office building, located at 660 Woodward Ave., is 25 stories and over 800,000 square feet. The borrowing entity is 660 Woodward Associates LLC, an affiliate of Bedrock Real Estate Services.
Dennis Bernard and Kevin Kovachevich originated the loan and arranged it through a national commercial mortgage-backed securities (CMBS) lender.
The First National Building was constructed in 1922. The property includes an internal 10-story parking garage with 477 spaces.
Bernard Financial Group is a Detroit-based mortgage banking firm. Bernard Financial will provide full servicing for the loan.
Detroit-based Bedrock Real Estate Services is a full-service real estate firm specializing in acquiring, leasing, financing, developing and managing commercial and residential space.