Recent Transactions

Office Building Portfolio

$63,000,000 first mortgage & mezzanine loan on a 10-year term 30-year amortization for the acquisition of an office building portfolio of a publicly traded company located in the Lansing Metropolitan Area, Michigan.

Condominium Conversion

$31,500,000 first mortgage loan for the acquisition/conversion costs on a 4-month term, 75% loan-to-costs, interest rate is LIBOR based, for the acquisition of a 276 unit apartment complex to be converted to condominium units located in the Phoenix MSA, Arizona.

Office Building

$12,000,000 first mortgage loan on a 10-year term, 30-year amortization for the refinance of a four-story, Class A, 94,211 sq. ft., office building located in Southeastern Michigan.

First Stage Venture Capital Investment

$7,000,000 initial investment option negotiated at an IRR between 17 to 23%, Lender took a pre-negotiated coupon and warrants on stock an IPO was anticipated at the time of closing for a new and innovative cooling technology system to meet their initial capital requirements as well as have the international backing of a multinational conglomerate.

Neighborhood Shopping Center

$5,7000,000 first mortgage loan on a 10-year term, 30-year amortization for the refinance of the 70,000 sq. ft. shopping center located in Southeastern Michigan.

CVS Portfolio

$5,675,000 total loan amount for the refinance of two CVS anchored shopping centers and one stand-alone CVS located in Southeastern Michigan. 75% loan-to-value, on a 17-year term, 17-year amortization at a fixed interest rate.

Land Loan

$5,600,000 land loan on a 24 month term with a rollover, nonamortizing, interest only at 12% for the acquisition of 18.7 acres located in the Metropolitan Detroit area. The property is adjoined to a major retail development.

Neighborhood Shopping Center

$4,575,000 (75% LTV) first mortgage loan on a 10-year term, 22-year amortization for the aquistion of the 144,000 sq. ft. shopping center located North of Lansing Michigan.

Mixed-Use Building

$4,300,000 first mortgage loan on a 10-year term, 30-year amortization for the refinance of a retail, restaurant and office space property located in the Metropolitan Detroit Area.

Single-Tenant Retail

$3,800,000 first mortgage loan on a 7-year term 20-year amortization; and an $800,000 equipment loan on a 5-year term 10-year amortization for the refinance of two Golden Corral Restaurants located in the Lexington-Fayette Metropolitan Area, Kentucky.

Construction Loan

$3,000,000 construction loan on a 24-month term for the infrastructure development of the first phase of the proposed 59-unit Condominium Development in Grand County, Colorado and to repay the existing land loan.

Eckerd Drug Store

$2,840,000 first mortgage loan on a 10-year term 25-year amortization for the development of a 12,738 sq. ft. Eckerd Drug Store located in the Metropolitan Charlotte Area, North Carolina.

Single-Tenant Retail

$2,750,000 first mortgage loan on a 7-year term 20-year amortization; and an $650,000 equipment loan on a 5-year term 10-year amortization for the refinance of a Golden Corral Restaurant located in the Lexington-Fayette Metropolitan Area, Kentucky.

Loft-Style Apartments

$2,500,000 first mortgage loan on a 12-year term, 20-year amortization for the payoff of construction costs on a 142 unit loft-style apartment development located in Detroit, Michigan.

72-Unit Apartment Complex

$2,275,000 (80% loan-to-costs) first mortgage loan on a 10-year term, 30-year amortization at for the acquisition of the apartment complex located in Lapeer, Michigan.

Single-Tenant Retail

$2,250,000 first mortgage loan on a 12-year term, 12-year amortization for the acquisition of an Old Time Pottery store located in the Metropolitan Orlando Area, Florida.

Neighborhood Shopping Center

$2,200,000 (75% LTV) first mortgage loan on a 10-year term, 20-year amortization for the acquisition of an 80,000 s.f. neighborhood shopping center located in Northeastern Michigan.

Neighborhood Shopping Center

$2,000,000 first mortgage loan on a 10-year term, 20-year amortization for the refinance of a 31,835 s.f. neighborhood shopping center located in South Bend, Indiana.

Junior College

$1,850,000 first mortgage loan (75% LTV) on an 8-year term, 20-year amortization for the refinance of a junior military college office/administrative building located in Warner Robins, Georgia. Main issue we had to overcome was the tenant's short lease term (3 years); WSFG was able to demonstrate stability of tenant and obtain a long lease term.

Walgreens Drug Store

$1,200,000 mezzanine loan on a 12 month loan, with three 3-month extensions for the development of the drug store located ten miles west of Baltimore, Maryland.

Single-Tenant Retail

$900,000 first mortgage loan (75% LTV) on a 12-year term, 12-year amortization with a fixed interest rate for a ground lease acquisition of a corporate guaranteed, single-tenant property located in Fort Worth, Texas.

Rite Aid Drug Store

$850,000 first mortgage loan on a 15-year term, 30-year amortization for the refinance of the drug store located forty miles west of Columbus, Ohio.

Eckerd Drug Store

$400,000 mezzanine loan (representing 10% of the development costs) on a 12-month term for the equity portion of the construction of a 13,813 sq. ft. Eckerd Drug Store located in Portsmouth, Virginia.

Eckerd Drug Store

$400,000 mezzanine loan (representing 10% of the development costs) on a 12-month term for the equity portion of the construction of a 13,813 sq. ft. Eckerd Drug Store located in Raleigh, North Carolina.

Eckerd Drug Store

$400,000 mezzanine loan (representing 10% of the development costs) on a 12-month term for the equity portion of the construction of a 13,813 sq. ft. Eckerd Drug Store located in Virginia Beach, Virginia.

 

Affiliations:





Water Street Financial Group, LLC
43000 Nine Mile Road · Suite 206 · Novi, MI 48375
Phone: (248)465-7000 · Fax: (248)465-7001