DETROIT — Hunt Mortgage Group has provided a $5.3 million Freddie Mac small balance loan for the refinancing of Pasadena Apartments in Detroit. The 11-story multifamily property consists of 167 residential units and two retail units. The borrower, Pasadena Investments LLC, acquired the property in 2009. Improvements completed since the acquisition include kitchen renovations, exterior waterproofing and painting, a new laundry room, elevator cabs, Wi-Fi and security cameras. Originally built..
AUBURN HILLS, MICH. — Bernard Financial Group has arranged an $11.2 million loan for the refinancing of a 137,994-square-foot office building in Auburn Hills. Multiple tenants occupy the building, located at 691 N. Squirrel Road. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the CMBS loan on behalf of Auburn Newco LLC.
You’d be hard-pressed to find a commercial real estate company in the Midwest more active than Bedrock Detroit. The full-service firm — which acquires, leases, finances, develops and manages commercial and residential space — has several projects in the development pipeline spread across property types. Since its founding in 2011, Bedrock has located more than 160 office and retail tenants to Detroit’s “technology-centric” downtown. In addition, Bedrock and its affiliates have..
ROMULUS, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $4 million loan for the refinancing of a single-tenant industrial property in Romulus, a western suburb of Detroit and home to Detroit Metropolitan Airport. The 121,500-square-foot building is 100 percent leased to a user that primarily services the automotive industry. Cathy Bronkema of Cohen Financial arranged the 15-year loan, which includes a 15-year amortization schedule. A life insurance company provided the..
TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a 30,760-square-foot office property in Troy. Built in 2004, the multi-tenant building is located at 2150 Butterfield Drive. This is the sixth property acquisition in the Detroit area for California-based LSTC Michigan LLC. Mason L. Capitani represented both the buyer and seller, Wilson Real Estate II LLC. He will also continue to oversee leasing at the property for the new owner under the property’s new name,..
KeyBank Provides $142.4M Financing for Six-Property Affordable Housing Portfolio in Texas, Florida, Midwest
TEXAS, FLORIDA, WISCONSIN AND MICHIGAN — KeyBank Real Estate Capital has provided $142.4 million in loans for a six-property affordable housing portfolio across Texas, Florida and the Midwest region. The loans were used for a variety of purposes, including refinancing, acquisitions and renovations. KeyBank provided $115.7 million in Fannie Mae loans for Limestone Canyon, a 260-unit apartment complex, and Parkside Crossing, a 218-unit apartment complex, both located in Austin, Texas;..
BATTLE CREEK, LAKE ORION AND WASHINGTON, MICH. — Marcus & Millichap has brokered the sale of three medical office buildings in Michigan for nearly $30 million. Brookside Medical Center, totaling 46,194 square feet, is located in Battle Creek, about 25 miles east of Kalamazoo. Brookside Surgery Center anchors the building. Bald Mountain Medical Complex, totaling 55,591 square feet, is located in Lake Orion, about 40 miles north of Detroit. St. Joseph Mercy Hospital, a wholly owned..
NOVI, MICH. — Love Funding has provided a $33.3 million loan for the construction of Manchester, a 172-unit apartment community in Novi, a suburb of Detroit. The 23-building property will feature two- and three-bedroom townhome units. Fairview Construction is building the development, while Alexander V. Bogaerts & Associates provided design services. KMG Prestige will manage the property. Bruce Gerhart of Love Funding originated the 40-year loan through the HUD 221(d)(4) loan insurance..
MICHIGAN — Greystone has provided 13 HUD-insured loans totaling $79 million for the refinancing of The Altman Cos.’ multifamily portfolio in Michigan. The loans feature long-term, fixed-rate financing. The 13 properties are a blend of market rate and Section 8 housing units. The buildings are located throughout the state, from the Upper Peninsula to Roseville, about 18 miles north of Detroit. In addition to The Altman Cos.-owned properties, the refinanced portfolio includes one property..
DETROIT — Marcus & Millichap has arranged the sale of Orchestra Place in Detroit for an undisclosed price. The five-story, 153,2790-square-foot office building is located at 3663 Woodward Ave. next to the Detroit Symphony Orchestra building. Built in 1997, the property is within walking distance of Wayne State University and the Detroit Medical Center. John Godwin of Marcus & Millichap represented the seller, a Detroit-area non-profit. He also procured the buyer, a regional investment..