Inland Mortgage Capital closed a $6,300,000 non-recourse, first mortgage loan on a retail property in Northville Township, MI. The 38,312 SF grocery store-anchored center is located in a highly desirable commercial and retail corridor, which boasts excellent traffic volume. The loan refinanced a maturing life company permanent loan that had amortized significantly, demonstrating the Borrower’s commitment and the performance of the center.
Initially, IMC faced the challenge of closing the transaction with the knowledge that one of the biggest tenants (a 11,200 SF popular grocer) is in the process of relocating to a free-standing location in early 2017. IMC believes the size of the store and location is conducive to back-filling and moved forward with the transaction, despite the pending vacancy. Due to the excellent condition and location of the center, new tenants are already showing interest and being considered for the space.
The property was 92% leased at the time of closing.