REBusinessOnline

Beaumont Health Signs 124,564 SF Industrial Lease in Belleville, Michigan

BELLEVILLE, MICH. — Beaumont Health has signed a 124,564-square-foot industrial lease in Belleville, about 30 miles west of Detroit. The lease brings the property, located at 41965 Ecorse Road, to full occupancy. Peter Rogers and Randall Allman of CBRE represented the owner, Brookwood Capital Partners, in the lease transaction. Insite Commercial represented Beaumont

Dominion Brokers Sale of 11,050 SF Industrial Building in Wayne, Michigan

WAYNE, MICH. — Dominion Real Estate Advisors has brokered the sale of an 11,050-square-foot industrial building in Wayne for an undisclosed price. The property is situated at 39115 Maple Road. BTS Logistics Inc., a Michigan-based trucking company, purchased the building. Andrew Boncore and Ralph Steinbrink of Dominion represented the seller, BKG Dominion Maple

Greystone Bel Brokers $3.9M Sale of Apartment Building in Detroit

DETROIT — Greystone Bel has brokered the sale of Wayne Court Apartments in Detroit for $3.9 million. The 45-unit apartment building is located along Cass Avenue near Little Caesars Arena. The property, built in 1925, also includes two retail spaces. Buyer and seller information was not

Pathway to Living Completes Renovation of Assisted Living Community in Kentwood, Michigan

KENTWOOD, MICH. — Pathway to Living has completed a $2.1 million renovation of Azpira Place of Breton, an 81-unit assisted living and memory care community in Kentwood near Grand Rapids. Pathway acquired the property, formerly known as Elmcroft of Kentwood, in February 2018. Pathway’s improvements to the property included upgraded common areas with new paint, carpeting and furniture; a remodeled community room and the addition of a fireplace in the dining room. Pathway also added an …

Dougherty Provides $2.2M Refinancing for Affordable Housing Property in Flint, Michigan

FLINT, MICH. — Dougherty Mortgage LLC has provided a $2.2 million loan for the refinancing of Eagle Ridge Square in Flint. The 104-unit affordable housing property was built in 1999. All of the units are designated for residents who earn at or below 60 percent of the area median income. The property features a clubhouse, daycare facility, pool and garage parking. The 12-year loan features a 30-year amortization schedule. Eagle Ridge Square Apartments Limited Dividend Housing Association LLC …

Dembs Development Breaks Ground on 88,000 SF Tech Center for Hexagon in Novi, Michigan

NOVI, MICH. — Dembs Development has broken ground on an 88,000-square-foot facility for Hexagon in Novi known as the Technology Center of Excellence. The two-story property is located within Beck North Corporate Park. Sweden-based Hexagon is an advanced manufacturing technology company. The tech center will include an 11,000-square-foot showroom and demonstration area, a 15,000-square-foot laboratory and an expansive technical training center. The building will also include a fitness center, …

Berkadia Originates $23M Refinancing for Apartment Property in Shelby, Michigan

SHELBY, MICH. — Berkadia has originated a $23 million Fannie Mae loan for the refinancing of Ashford Apartments in Shelby, about 30 miles north of Detroit. Located at 48377 Commonview Drive, the apartment property features two-bedroom floor plans. Amenities include a resort-style pool, sundeck and various health and fitness clubs. Colin Callaghan and Peter Benedetto of Berkadia originated the 15-year loan, which features a 30-year amortization schedule and a loan-to-value ratio of 75 percent. …

Dominion Brokers Sale of 20,000 SF Industrial Building in Oxford, Michigan

OXFORD, MICH. — Dominion Real Estate Advisors (DRA) has brokered the sale of a 20,000-square-foot industrial building in Oxford, about 40 miles north of Detroit. The sales price was not disclosed. The property is located at 675 S. Glaspie St. Barry Landau of DRA represented the seller, Village Building Rental LLC. North Oakland Transportation Authority Inc. purchased the building. The company is a transportation service for senior, disabled and low-income residents of Northern

Greystone Bel Arranges $1.1M Sale of Apartment Property in Dundee, Michigan

DUNDEE, MICH. — Greystone Bel Real Estate Advisors has arranged the $1.1 million sale of Highland Terrace in Dundee, about 50 miles southwest of Detroit. Built in 1984, the 24-unit apartment property is located at 625 Rawson St. The property traded at a cap rate of 8.6 percent. Buyer and seller information was not

Arbor Provides $4M Refinancing for Multifamily Property in Detroit

DETROIT — Arbor Realty Trust Inc. has provided a $4 million Freddie Mac small-balance loan for the refinancing of Van Dyke Apartments located at 1780 Van Dyke St. in Detroit. The 40-unit multifamily property was built in 1928 and renovated in 2018. Michael Jehle of Arbor originated the 20-year loan, which features a 30-year amortization

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