REBusinessOnline

Magnus Capital Partners to Develop $35M Affordable Housing Project in West Michigan

WYOMING, MICH. — Magnus Capital Partners is transforming the former Studio 28 movie theater on 28th Street in Wyoming near Grand Rapids into a $35 million, 226-unit affordable housing project known as HOM Flats at 28 West. Magnus purchased the seven-acre, vacant property in October and has since started site development work. Preleasing is expected to begin in winter 2020 with occupancy commencing in summer 2020. Six buildings will be constructed along with 320 surface parking spots. …

Berkadia Arranges $23.2M Refinancing for Retail Property in Michigan

SHELBY TOWNSHIP, MICH. — Berkadia has arranged a $23.2 million loan for the refinancing of The Shops at Stony Creek, a 115,000-square-foot shopping center in Shelby Township. LA Fitness, TJ Maxx, Ulta, Petco and Five Below anchor the property, which is located at the southwest corner of 26 Mile Road and Van Dyke Avenue. Kroger shadow anchors the property. Colin Callaghan and Aaron Moll of Berkadia arranged the 10-year, fixed-rate loan, which features a 30-year amortization and a 75 percent …

Retailers on the Rise in Grand Rapids Market

It’s no secret that Grand Rapids is one of the fastest growing cities in the United States. Grand Rapids and its surrounding suburbs led much of Michigan’s population growth last year and have been continuously recognized by national surveys. Two studies conducted by WalletHub in late 2018 and early 2019 ranked Grand Rapids in the top 10 percent of cities analyzed as having one of the fastest growing economies and also ranked it in the top 30 percent of markets studied as being one of the …

Galactic Toys & Collectibles Opens Second Location in Michigan

GRAND RAPIDS, MICH. — Galactic Toys & Collectibles has opened its second location at 4174 Alpine Ave. NW in the Comstock Park area of Grand Rapids. The store spans 3,862 square feet. The Grand Rapids-based retailer’s first location is on 28th Street near Woodland Mall. Galactic sells toys, board games, action figures and other collectibles. Jon Greenen of Colliers International handled leasing on behalf of

Walker & Dunlop Arranges $48.3M Bridge Loan for Apartment Property in Suburban Grand Rapids

GRANDVILLE, MICH. — Walker & Dunlop Inc. has arranged a $48.3 million bridge loan for the refinancing of The Grand Castle Apartments, a newly developed apartment property in Grandville, a suburb of Grand Rapids. Developed by Roger Lucas, a principal of Land & Co., the exterior of the property is modeled after the famed Neuschwantstein Castle in southern Germany. It comprises 522 units. Amenities include a pool, fitness center, business center, resident lounge and dog park. Benjy …

Two Longtime Real Estate Professionals Launch New Development Company With 230,000 SF Technology Park in Ann Arbor

ANN ARBOR, MICH. — Cameron McCausland and Joe Vig have formalized their longtime development, construction and property management relationship with the formation of Portage Capital Partners. The company has unveiled its first project, a 230,000-square-foot life sciences and technology park in Ann Arbor. Known as The Tech [email protected] Arbor Research Park, the speculative project will be situated on 16.5 acres near I-94 and State Street. The first phase will consist of a 79,000-square-foot …

Why Invest in Grand Rapids: Lifestyle, Job Market and Affordability

While most national investors and developers focus on larger Sun Belt and coastal markets such as Austin, Atlanta, Nashville and Phoenix, Time Equities has had great success investing in Grand Rapids and continues to believe strongly in the future potential of the area. As an opportunistic company, we often go where others do not, looking for markets and assets with strong risk-adjusted returns. Grand Rapids provides such an opportunity. The small city has been ascendant for the past decade …

H&M Set to Open Downtown Detroit Location in Two Weeks

DETROIT — H&M is set to open on Thursday, Nov. 21 in Detroit. Spanning approximately 25,000 square feet, the new location at Bedrock-owned 1505 Woodward Ave. will be among 18 other H&M stores throughout the state of Michigan. The fashion retailer will offer women’s, men’s and kids clothing in addition to accessories. Customers in line on opening day will have access to coupons. Approximately 20 employees will work at the store. Sweden-based H&M was the first global fashion …

New Healthcare Facility Opens at Eastern Michigan University

YPSILANTI, MICH. — A new 12,296-square-foot healthcare facility known as the IHA Health Center @ EMU has opened. Situated at Eastern Michigan University in Ypsilanti, the health center will provide primary healthcare services to members of the EMU community as well as the community at large. In addition to primary care, the facility will offer women’s health services, urgent care services and an onsite third-party pharmacy operated by Campus Medical Pharmacy. Dr. Lisa Whipple serves as the …

Cohen Financial Secures $12M Refinancing for DoubleTree Hotel in Michigan

PORT HURON, MICH. — Cohen Financial, a division of SunTrust Bank, has secured a $12 million CMBS loan for the refinancing of a 149-room DoubleTree by Hilton hotel in Port Huron, which is located in eastern Michigan along Lake Huron. Cathy Bronkema of Cohen arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule. JB Real Estate Development Co. was the

Conferences