INDIANA AND MICHIGAN — KeyBank Real Estate Capital has provided a $69.9 million CMBS loan for the refinancing of an eight-property hotel portfolio in Indiana and Michigan. The 694-room portfolio consists of four extended-stay Homewood Suites by Hilton hotels and four limited-service Hilton Hampton Inn hotels located in various cities across Indiana and Michigan. Jake Proctor of KeyBank originated the 10-year loan, which features a 30-year amortization schedule. HRC Hotels was the borrower.
DETROIT — Bernard Financial Group has arranged a $67.5 million CMBS loan for the refinancing of a 489,786-square-foot office building in Detroit. The multi-tenant, 25-story building is located at 150 W. Jefferson Ave. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan on behalf of the borrower, 150 West Jefferson Owner LLC.
ROMEO, MICH. — Newmark Knight Frank (NKF) has brokered the sale of a 90,000-square-foot industrial build-to-suit land site in Romeo, about 45 miles north of Detroit. The parties closed on the land and signed a construction agreement. The property is located at 100 Peyerk Court. Lanzen, Inc., a defense contractor, will relocate to the property from its current location at 30980 Groesbeck Highway in Roseville in 2018. Lanzen has occupied 34,000 square feet in Roseville since 1966. The company..
ANN ARBOR, MICH., PALATINE, ILL., AND HOFFMAN ESTATES, ILL. — City Club Apartments (CCA) has sold three apartment properties in Illinois and Michigan for $125 million. The properties include Village Park of Ann Arbor, Village Park of Palatine and Village Park of Hoffman Estates in Illinois. The buyers were not disclosed. Village Park of Ann Arbor consists of 520 units and is located adjacent to U.S. Route 23 near The University of Michigan. Village Park of Palatine consists of 448 units..
EASTPOINTE, MICH. — Marcus & Millichap has brokered the sale of EZ Storage in Eastpointe, about 10 miles north of Detroit. The sales price was not disclosed. The 65,810-square-foot self-storage building is located at 21500 Gratiot Ave. Brett Hatcher of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. He also secured and represented the buyer, an out-of-state limited liability company.
EAST LANSING, MICH. — Costco Wholesale Corp. has opened a 165,000-square-foot membership warehouse in East Lansing. The property is situated on a 64-acre parcel near I-69 that is the site of a former golf course. Shawn O’Brien of CBRE|Martin began working with Costco in 2012 for site selection in the Lansing market. This is Costco's 15th store in the state of Michigan. A grand opening took place on Friday, Oct. 27.
DETROIT — Liberty Property & Asset Management has been awarded the property management contract for a portfolio of seven office buildings located in metro Detroit. The properties, owned by California-based LSTC Michigan/LSTC California LLC, include: Berkshire Office Building in Beverly Hills; Haverhill Office Building in Troy; Butterfield Park Place in Troy, Hampton Professional Park in Rochester Hills; and Westridge Office Center in West Bloomfield. Liberty will be responsible for all..
MACOMB TOWNSHIP, MICH. — Kennedy Funding Financial has provided a $1.2 million loan for the development of an industrial park in Macomb Township, a northern suburb of Detroit. The 55-acre property is located at 17300 23 Mile Road. The borrower, Elite Sport Ventures LLC, acquired the property in December 2014 with plans to develop it into smaller parcels. A 2.5-acre portion of the site located near 23 Mile Road will be sold and developed into a hotel.
DETROIT — The Detroit Pistons and Henry Ford Health System have broken ground on a 175,000-square-foot training, rehabilitation and sports medicine complex in the New Center area of Detroit. The Henry Ford – Detroit Pistons Performance Center, slated to open during the summer of 2019, will house a new training facility and corporate headquarters for the NBA franchise. A comprehensive sports medicine, treatment and rehabilitation facility will be managed by the health system. The property..
AUBURN HILLS, MICH. — Calmwater Capital has provided a $12.6 million loan for the acquisition and conversion of a 144-unit multifamily property to student housing near Oakland University in Auburn Hills. The property, located at 2770 Pine Knoll Drive, will soon be upgraded and converted into student housing and be known as The Edge. Some of the loan proceeds will be used for physical upgrades in addition to the implementation of student-focused marketing and resident programming. Formerly..