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

Candy Maker Signs 38,361 SF Industrial Lease in Macomb Township, Michigan

MACOMB TOWNSHIP, MICH. — Morley Candy Makers has signed a lease to occupy 38,361 square feet of industrial warehouse space at 51640 Quadrate Drive in Macomb Township. Founded in 1919, the company is headquartered in Clinton Township and markets the Sanders Candy confectionary line. Joe DePonio of L. Mason Capitani CORFAC International represented the landlord, Quadrate Holdings, in the lease

Signature Associates Arranges Sale of 46,200 SF Industrial Building in Garden City, Michigan

GARDEN CITY, MICH. — Signature Associates has arranged the sale of a 46,200-square-foot industrial building in Garden City, about 20 miles west of Detroit. The sales price was not disclosed. The property is located at 32330 Ford Road. Brad Viergever and Steve Kozak of Signature Associates represented the seller, First Parker Realty Inc., as well as the buyer,

Colliers Negotiates 70,186 SF Industrial Lease in Taylor, Michigan

TAYLOR, MICH. — Colliers International has negotiated the lease of a 70,186-square-foot industrial warehouse in Taylor. The property is located at 8555-8625 Inkster Road. Sheridan Burton of Colliers represented the tenant, Production Management One. This will be the first Michigan location for the traveling concert staging company, which has three locations nationwide. The company will occupy the space on Sept. 1. Paul Choukourian, Peter E. Kepic and Peter J. Kepic of Colliers represented the …

Cohen Financial Arranges $4.1M HUD-Insured Loan for Refinancing of Assisted Living Community in Michigan

ALMA, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $4.1 million HUD-insured loan for the refinancing of Arbor Grove Assisted Living in Alma, which is located in Central Michigan. The assisted living community includes 41 units. Cathy Bronkema of Cohen arranged the fixed-rate loan, which is fully amortized over 35 years. The borrower was a Grand Rapids, Mich.-based senior living owner and

The Hunt for Yield Returns to Detroit and Its Suburbs

In 2008, the credit crisis had gripped the world and in particular, the Midwest. Lenders, whether CMBS or life insurance companies, had put large “X’s” through Michigan on their maps. And Detroit? South of 8 Mile, you couldn’t get a deal done. Enter entrepreneur businessman Dan Gilbert. Inspired by an intern spurning his then Livonia-based Quicken Loans for a more urban, walkable environment in Chicago, Gilbert made the bold decision to move his entire operation to downtown …

Positive Economic, Demographic Trends Fuel Detroit’s Apartment Rental Market

Throughout metro Detroit, employment and population gains are bolstering apartment demand. Following the creation of 40,200 jobs one year ago, employers in the metro area added 22,200 people to payrolls during the past four quarters. The hiring brought the unemployment rate to 4.5 percent in March, down 10 basis points year over year. The tighter rate may make it more difficult for some employers to find qualified workers to fill openings. During the past 12 months, the hospitality sector …

Corporate Eagle Breaks Ground on New Headquarters at Airport in Waterford, Michigan

WATERFORD, MICH. — Corporate Eagle, a provider of fractional jet ownership and jet management services, has broken ground on its new headquarters at the Oakland County International Airport in Waterford. Located on 5.7 acres at the corner of Highland Road and Patterson Parkway, the new facility will include 56,000 square feet of hangar space, 9,000 square feet of business and member VIP facilities, 85,000 square feet of concrete tarmac and jet fuel storage for 40,000 gallons. Corporate Eagle …

Development Team Selected for Gordie Howe International Bridge Project Connecting Detroit to Canada

DETROIT — Bridging North America, a partnership of Fluor and ACS Infrastructure Canada, was selected to design, build, finance, operate and maintain the Gordie Howe International Bridge project for Windsor-Detroit Bridge Authority. The planned bridge and border crossing will span the Detroit River and connect Detroit to Windsor, Canada by linking I-75 and I-96 with the new extension of Highway 401 in Ontario. When complete, the bridge will be the longest cable-stayed bridge in North America. …