North Kent Shopping Center

Location: Grand Rapids, MI
Type: Retail
Price: $2,725,000

SMC provided a $2,725,000 ten-year fixed rate mortgage to refinance existing debt collateralized by North Kent Shopping Center, a 94,400 SF, retail center located in Grand Rapids, MI. The Subject is situated on Plainfield Avenue, the major commercial corridor in the Grand Rapids area, connecting suburban Grand Rapids to its downtown district four miles away. The improvements were originally developed as an enclosed shopping mall and redeveloped by the loan’s sponsor in 2000 as an outdoor retail center with a ground-leased Lowe’s Home Improvement positioned adjacent to the subject.