The developer of The Scott at Brush Park apartment project in Detroit has secured a $50.1 million Fannie Mae refinancing loan.

Southfield-based Bernard Financial Group originated the loan for an affiliate of Detroit-based Broder & Sachse Real Estate Services Inc., the developer of the $65 million project that was completed at the end of 2016. In July, the owners put it on the market for sale for an undisclosed price but ultimately opted to refinance the 199-unit development at Woodward Avenue and Erskine Street instead.

"As the central and most visible property in our expanding Detroit portfolio and as the primary example of Broder & Sachse's exceptional brand, we determined not to move forward with the sale process and instead refinanced The Scott," the company said in a statement. "This enables us to maintain the transformational community we have built in the Brush Park neighborhood, while continuing to provide a home to our residents and retailers for years to come."

"The financing of Broder & Sachse's The Scott at Brush Park was a big win for all of Detroit multifamily in that all forms of lenders — agencies, life insurance companies and commercial mortgage-backed securities — all vigorously competed to finance this investment grade multifamily complex in the city of Detroit," said Dennis Bernard, founder and president of Bernard Financial Group.

The development has seven 510-square-foot studio apartments, 64 one-bedroom apartments at 734 square feet, 122 two-bedroom apartments between 939 and 1,098 square feet and seven three-bedroom apartments with 1,105 square feet each, according to the listing by the Southfield office of Berkadia.

Broder & Sachse broke ground on the project in July 2015 along with Detroit-based Woodborn Partners LLC, which is a co-developer. It is one of several Brush Park developments that have come out of the ground in the past several years, along with the City Modern primarily residential mixed-use project by Dan Gilbert and others.