REBusinessOnline

Citi Real Estate Funding Arranges $80M Refinancing for Multifamily Portfolio in Metro Detroit

DETROIT — Citi Real Estate Funding has arranged an $80 million CMBS loan for the refinancing of a five-property multifamily portfolio in metro Detroit. National real estate investor and developer Lightstone was the borrower. The properties total 1,179 units and are located in cities such as Royal Oak, Canton and Livonia. The garden-style communities include a mix of one-, two- and three-bedroom units. Amenities include clubhouses, fitness centers, yoga studios, outdoor pools, business centers …

Marcus & Millichap Brokers Sale of 94,115 SF Self-Storage Facility in Suburban Detroit

ROCHESTER HILLS, MICH. — Marcus & Millichap has brokered the sale of Rochester Mini Storage in Rochester Hills, about 25 miles north of Detroit. The sales price was not disclosed. The 94,115-square-foot self-storage facility includes units that range in size from 25 to 400 square feet. Both climate-controlled and non-climate-controlled options are available. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap brokered the transaction. An out-of-state buyer purchased the …

NAI Wisinski Negotiates 7,000 SF Lease for Discount Retailer in Grand Rapids, Michigan

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has negotiated a 7,000-square-foot retail lease on behalf of B2 Outlet Stores in Grand Rapids. B2 stands for “benefit twice.” The retailer offers merchandise at a discounted rate and then invests 51 percent of the profits back into the local community. This store, located at 3343 Alpine Ave., is the company’s 12th location in Michigan. The original B2 store opened in Hudsonville in

Encore Arranges Sale of Retail Property Net Leased to Advance Auto Parts in Kalamazoo, Michigan

KALAMAZOO, MICH. — Encore Real Estate Investment Services has arranged the sale of a single-tenant retail property net leased to Advance Auto Parts in Kalamazoo. The sales price was not disclosed. Advance Auto Parts has 2.5 years left on its lease at the 8,016-square-foot standalone building. Evan Lyons and Joe Lopez of Encore represented both the Michigan-based buyer and California-based seller in the transaction. The buyer completed a 1031 tax-deferred

RED Capital Provides $18M Refinancing of Multifamily Property in Macomb County, Michigan

MACOMB COUNTY, MICH. — RED Capital has provided an $18 million Fannie Mae loan for the refinancing of Sycamore Glen by Redwood in Macomb County. The 134-unit multifamily property is located at 23241 Yarrow Ave. Built in 2015, the property features two-bedroom units with private attached garages. The borrower was not

Bedrock, Woodborn to Develop Mixed-Income Residential Development at Frederick Douglass Site in Detroit

DETROIT — The Detroit City Council has approved a development agreement for Bedrock and Woodborn Partners to develop a mixed-income residential development on the former Frederick Douglass public housing site. The 22-acre property has been vacant since public housing structures were demolished in 2014. Affordable housing developer Jonathan Rose Cos. will advise on the development of the affordable housing component of the project. Approximately 25 percent of the rental units will be …

Dougherty Provides $12.3M Construction Loan for Apartment Property in Marquette, Michigan

MARQUETTE, MICH. — Dougherty Funding LLC has provided a $12.3 million construction loan for One Marquette Place Apartments in Michigan. The 64-unit apartment property will feature a 1,900-square-foot café and a 2,800-square-foot office suite. Amenities will include a fitness center and resident lounge with patio. Dougherty served as lead lender and servicer for the loan. One Marquette Place LLC was the

Marcus & Millichap Brokers $8.1M Sale of Shopping Center in Clarkston, Michigan

CLARKSTON, MICH. — Marcus & Millichap has brokered the $8.1 million sale of White Lake Commons in Clarkston, about 35 miles northwest of downtown Detroit. Neiman’s Family Market anchors the 151,201-square-foot shopping center. Other tenants include CVS, Office Depot, Anytime Fitness, Enterprise Rent-A-Car, The UPS Store and Wendy’s. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap marketed the property on behalf of the seller, a publicly traded REIT. A local private …

Chemical Bank to Relocate Headquarters to Downtown Detroit

DETROIT — Chemical Bank, which has been headquartered in Midland, Michigan, since its founding in 1917, is relocating to downtown Detroit effective immediately. The headquarters will temporarily operate out of the bank’s Detroit office, located at 333 Fort St., while awaiting a new 20-story building to be built at the corner of Woodward Avenue and Elizabeth Street. The move coincides with the city of Detroit’s announcement to name Chemical Bank as the primary banking partner for managing …

Berkadia Arranges $87M Bridge Loan for Recapitalization of Hotel in Detroit

DETROIT — Berkadia has arranged an $87 million bridge loan for the recapitalization of The Westin Book Cadillac in downtown Detroit. The full-service hotel includes amenities such as a business services center, indoor pool, fitness center and spa. The sponsor is Cleveland-based Ferchill Group, which redeveloped the property in 2006. Apollo Commercial Real Estate Finance Inc. provided the

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