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NOVI, MI-L.J. Melody & Co., the real estate investment banking division of CB Richard Ellis, has arranged financing for the construction of the $21-million Meadowbrook Medical Center located here. The project is sponsored by several local physicians whose offices will anchor the project.

Meadowbrook Medical Center is a ground-up development of a two-story medical office building and ambulatory surgery center with a net rentable 134,000 sf. The building was 60% leased at the closing of the construction loan. Tim Noonan and John Clifford of L.J. Melody's Chicago office arranged the financing.

In other financing news, Arbor Commercial Mortgage arranged for a $1-million loan through Fannie Mae to refinance the 206-unit Williamsburg Townhouse Cooperative in St. Clair Shores. The 10-year fixed rate loan amortizes on a 30-year schedule and carries a note rate of 5.42%. Michael Jehle, Arbor's Detroit area regional director, originated the loan.