First Trust Deed loan collateralized by one parcel containing an At Home superstore in the Macomb Mall located in in Roseville, MI. Roseville is located on the scenic shores of Lake St Clair which is one of the biggest sport fishing locations in the great lakes while offering many other recreational activities as well. Roseville is approximately 20 miles north of Michigan’s largest city, Detroit, and shares many of the same top industries including automotive, health services, and more. The subject property covers 91,363 sf (2.1 acres) and is one of the anchors of the Macomb Mall which spans more than 933,000 sf (21.4 acres). Other anchors within the Macomb Mall, which has been open since 1964, include Dicks Sporting Goods and Kohls with the Macomb Mall as a whole containing 59 storefronts. The borrower plans to acquire this facility and extend the current tenant, At Home, which will both increase the NOI of the property and stabilize it for the next 10+ years.
Master Loan Amount: $5,100,000
Yield: 10% interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. *For investments equal to or greater than $100,000 investors will earn 10.5%.
Term: Nine months with an optional extension at maturity. Final maturity date is 5/13/26.
