Michigan

Love Funding Secures $97M in FHA Financing for Multifamily Properties in Michigan

by Kristin Harlow August 11, 2017

NOVI, UTICA AND SUPERIOR TOWNSHIP, MICH. — Love Funding has secured $97 million in FHA financing for five multifamily properties in Michigan and Illinois. The five loans will be used for the construction, rehabilitation or refinancing of the properties. Bruce Gerhart of Love Funding secured a $33.3 million FHA 221(d)(4) new construction loan for Manchester, a market-rate apartment community in the Detroit suburb of Novi adding 172 units. A $22.5 million FHA 221(d)(4) new construction loan will be used for Encore Townhomes, a market-rate townhouse community being developed in Utica, Mich. An $11.2 million FHA (223)(f) loan will refinance Danbury Park Manor, an existing 151-unit Section 8 multifamily community in Superior Township, Mich. The two remaining FHA (223)(f) loans will be used for the refinancing of two seniors housing Section 8 communities in Illinois. The borrower was not disclosed.

August 11, 2017

Michigan Midwest Multifamily Seniors Housing

Greystone Arranges $33M Sale of Two Seniors Housing Properties in Metro Detroit

by Kristin Harlow August 11, 2017

SOUTHFIELD AND WESTLAND, MICH. — Greystone Real Estate Advisors has arranged the sale of two seniors housing properties in the Detroit metropolitan area for $33 million in a single transaction. Ashford Court, located in Westland and built in 1986, consists of 143 independent living, assisted living and memory care units. Sterling Place, located in Southfield and built in 1987, consists of 156 independent living units. The portfolio is almost fully occupied and consists of approximately 250,000 square feet. Amenities include libraries, lounge areas, hair salons and landscaped grounds. Cody Tremper and Mike Garbers of Greystone represented the seller, New Senior Investment Group. Chevalier International Holdings Ltd. purchased the properties.

August 11, 2017

Michigan Midwest Office

CBRE Arranges Sale of Two-Building Office Portfolio in Troy, Michigan

by Kristin Harlow August 10, 2017

TROY, MICH. — CBRE has arranged the sale of Wilshire Plaza North and West in Troy, a northern suburb of Detroit. The sales price was $33 million, according to CoStar Group Inc. The two office buildings, comprising 349,625 square feet, are located at 900 and 1050 Wilshire Drive. The Class A portfolio was 90 percent leased at the time of sale. Tenants include SSOE Group, Meredith Corp., Harvey Kruse PC, Tyco Electronics Corp. and MasterCard, according to CoStar. Anne Galbraith Kohn of CBRE represented the seller, an international institutional owner. Group RMC purchased the portfolio, the company’s first office acquisition in Michigan.

August 10, 2017

Michigan Midwest Multifamily

RHP Properties Acquires Two Manufactured Housing Communities in Canton Township, Michigan

by Kristin Harlow August 9, 2017

CANTON TOWNSHIP, MICH. — RHP Properties has acquired two manufactured housing communities in Canton Township, located between Detroit and Ann Arbor, for an undisclosed price. The 416-unit portfolio includes the 365-unit Sherwood Village and the 51-unit Glen Ridge communities. Both are located approximately 12 miles from the Detroit Metropolitan Wayne County Airport. With these two acquisitions, RHP Properties now owns and operates 225 manufactured housing communities totaling more than 56,997 units.

August 9, 2017

Michigan Midwest Office

Dow Chemical Co. Headquarters Opens in Midland, Michigan

by Kristin Harlow August 4, 2017

MIDLAND, MICH. — The Dow Chemical Co.’s new Global Dow Center has opened in Midland in central Michigan. KIRCO developed the 184,390-square-foot property, and is also constructing a 20,000-square-foot H. H. Dow Visitors and Heritage Center. Demolition of Dow’s former Willard H. Dow 2020 building began in June 2015, which made way for the October 2015 groundbreaking of the Global Dow Center. The new facility is seeking LEED certification. Features of the Global Dow Center include 21,000 square feet of vegetative rooftop and a nearly one-acre decorative pond, which wraps around one-third of the building. An enclosed employee walkway connects occupants to parking and other campus facilities. A glass curtain wall exterior allows for extensive penetration of natural light into the workspaces. Dow produces many products for the building and construction industry, such as sealants, coating materials and polyurethanes. Many of Dow’s products were used in the construction of the project. KIRCO MANIX provided construction services.

August 4, 2017

Michigan Midwest Retail

9Round Fitness to Open 1,330 SF Location in Grand Rapids

by Kristin Harlow August 3, 2017

GRAND RAPIDS, MICH. — 9Round Fitness, an international kickboxing and gym franchise with more than 500 locations across 11 countries, will open a 1,330-square-foot location at 8233 Byron Center Ave. in Grand Rapids on Sept. 1. Hillary Taatjes Woznick and Rod Alderink of NAI Wisinski of West Michigan represented 9Round in the negotiations for the 62-month lease. The landlord is Dara Realty LLC.

August 3, 2017

Industrial Loans Michigan Midwest

Bernard Financial Arranges $7.2M Refinancing for Industrial Facility in Auburn Hills, Michigan

by Jeff Shaw August 1, 2017

AUBURN HILLS, MICH. — Bernard Financial Group has arranged a $7.2 million refinancing for a 144,400-square-foot industrial facility in Auburn Hills, located about 30 miles northwest of Detroit. The building serves as a newly expanded industrial manufacturing facility for Dana Corp. David Dismondy originated the loan for the borrower, Brown Eight LLC. Protective Life Insurance Co. provided the capital. Bernard Financial will service the loan.

August 1, 2017

Michigan Midwest Retail

Community Threads Signs 11,328 SF Retail Lease in Fenton, Michigan

by Kristin Harlow July 31, 2017

FENTON, MICH. — Community Threads has signed an 11,328-square-foot retail lease at Fenton Towne Center in Fenton, about 18 miles south of Flint, Michigan. The property is located at the intersection of Leroy Street and Dauner Road. Tjader Gerdom and Larry Siedell of Gerdom Realty & Investment represented the landlord, Fenton Towne Center, in the lease transaction. Community Threads, a quality thrift store, is slated to open in the third quarter of this year.

July 31, 2017

Industrial Michigan Midwest

NAI Farbman Negotiates Sale of 19-Acre Industrial Site in Auburn Hills, Michigan

by Kristin Harlow July 28, 2017

AUBURN HILLS, MICH. — NAI Farbman has negotiated the sale of a 19-acre industrial site in Auburn Hills. The sales price was not disclosed. Developer Cunningham-Limp purchased the property, located at Dutton and Bald Mountain roads. The site has the flexibility to house multiple buildings, ranging from 85,000 to 200,000 square feet, and is in close proximity to Fiat Chrysler Automotive headquarters, General Motors Lake Orion Assembly Plant and Oakland University. NAI Farbman will also serve as leasing agent for the property, which has the potential for 2017 occupancy.

July 28, 2017

Michigan Midwest Retail

Wolverine Breaks Ground on 36,000 SF Expansion for Family Fun Center in Wyoming, Michigan

by Kristin Harlow July 28, 2017

WYOMING, MICH. — Wolverine Building Group has broken ground on a 36,000-square-foot expansion for Craig’s Cruisers in Wyoming, five miles south of Grand Rapids. The family fun center is located at 5730 Clyde Park Ave. The addition will be home to a trampoline park, laser tag arena and an indoor roller coaster. The $2.4 million project is slated for completion in February 2018.

July 28, 2017

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