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Berkadia Arranges $35.2M Refinancing for Multifamily Property in Suburban Detroit

by Kristin Harlow

LAKE ORION, MICH. — Berkadia has arranged a $35.2 million loan to refinance Indian Lake Village Apartments, a 394-unit multifamily property in Lake Orion, a village located in the northern outskirts of Detroit. Wesley Moczul, Mitch Sinberg, Scott Wadler, Matt Robbins and Brad Williamson of Berkadia arranged the financing on behalf of the sponsor, Farmington Hills, Mich.-based Fenton Management Co. Freddie Mac purchased the 10-year, fixed-rate loan. The garden-style property is situated on 58 acres and was built between 1995 and 1997. There are 27 residential buildings with a mix of apartments and townhomes averaging 1,012 square feet. Amenities include a clubhouse, fitness center, business center, pool, tennis and volleyball courts, a sauna, game room, billiards room, library and conference room, pet play area and covered parking.

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Affordable HousingDevelopmentIllinoisIndianaLoansMichiganMidwestMinnesotaMultifamilyWisconsin

Cinnaire Closes $307M LIHTC Equity Fund for 2,259 Affordable Housing Units Across 10 States

by Kristin Harlow

LANSING, MICH. — Lansing-based Cinnaire has closed a $307 million Low-Income Housing Tax Credit (LIHTC) equity fund, Fund for Housing LP 45, which will finance the creation and preservation of 2,259 affordable housing units across 27 properties in 10 states. Fund 45 will support multifamily development in Delaware, Illinois, Indiana, Maryland, Maine, Michigan, Minnesota, Pennsylvania, Virginia and Wisconsin. Specific projects include 3rd Avenue Flats in Dilworth, Minn., and The Argus Apartments in Verona, Wis. A new-construction development, 3rd Avenue Flats will bring 44 affordable housing units, five of which will be reserved for people with disabilities and four of which will be designated for households experiencing high-priority homelessness. The developer, Commonwealth Holdings IV, will partner with Lakes & Prairies Community Action Partnership to provide access to the state’s community coordinated entry system CARES, which provides access to all homeless housing programs as well as emergency resources to prevent households from falling into homelessness. The Argus Apartments is also a new development that will provide 60 affordable housing units, including nine reserved for individuals with developmental, physical or mental disabilities. Social services provider Lutheran Social Services will provide onsite services to the nine Permanent Supportive Housing units. The project developers are …

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Detroit’s Corktown Neighborhood to Receive 188 New Mixed-Income Units Representing $84M Investment

by Kristin Harlow

DETROIT — Detroit’s historic Corktown neighborhood is set to receive three new mixed-income housing developments: Bagley Townhomes & Flats, West of 10th Apartments and Trumbull Apartments. Together, the three projects will bring 188 new residential units, including more than 150 affordable homes supported through the city by a portion of Detroit’s $35 million federal Choice Neighborhoods Implementation (CNI) grant. Fifth Third Bank (formerly Comerica Bank) and Citizens Bank are also providing funding for the developments, which are part of the ongoing redevelopment of the former Clement Kern Gardens site. American Community Developers Inc. is leading development of all three projects, which collectively represent nearly $84 million in total investment. Located just west of downtown Detroit, Corktown has long served as a gateway community for generations of immigrants and working-class families. Originally settled by Irish immigrants in the mid-1800s, the neighborhood became known for its close-knit residential blocks and historic row houses. In recent years, Corktown has experienced significant redevelopment activity, driven by public and private investment surrounding Michigan Central, Roosevelt Park and the broader southwest Detroit corridor. The City of Detroit was awarded a $35 million CNI grant in May 2021 by the U.S. Department of Housing and Urban Development. …

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Leasing ActivityMichiganMidwestRestaurantRetail

Patty & Press to Open Smash Burger Restaurant in Bloomfield Township, Michigan

by Kristin Harlow

BLOOMFIELD TOWNSHIP, MICH. — Patty & Press, a smash burger concept by G&B Hospitality, has signed a lease to open a new location at 42983 Woodward Ave. in Bloomfield Township. Norman Abro and Devon Campbell of Keystone Commercial Real Estate represented the tenant, which is taking over the former Zoup! space. The restaurant currently operates in Shelby Township and uses grass-fed beef and beef tallow frying.

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AcquisitionsLoansMichiganMidwestMultifamily

SF Capital Group Arranges $32M Acquisition Loan for Michigan Multifamily Property

by Kristin Harlow

SHELBY TOWNSHIP, MICH. — SF Capital Group has arranged a $32 million loan for the acquisition of a 368-unit multifamily property in Shelby Township. Ryan Denomme of SF Capital arranged the nonrecourse bridge loan, which features three years of interest-only payments and future funding commitments. The undisclosed borrower plans to execute a property improvement and unit renovation plan.  

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LoansMichiganMidwestSingle-Family Rental

Madison Capital Group Arranges $21.2M in Financing for Detroit Single-Family Rental Portfolio

by Kristin Harlow

DETROIT — Madison Capital Group has arranged $21.2 million in permanent senior debt financing for a 266-home single-family rental portfolio throughout metro Detroit. Detroit Renaissance Funds owns and operates the portfolio. Madison Capital is also an equity investor in the portfolio, which consists of a mix of renovated single-family homes and duplex/multiplex residences primarily with three- and four-bedroom units. A significant portion of the units are supported by Section 8 programs. At present, the portfolio is more than 96 percent occupied.

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AcquisitionsLoansMichiganMidwestMultifamily

MMCC Arranges $3.3M Acquisition Loan for Michigan Multifamily Property

by Kristin Harlow

MOUNT CLEMENS, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.3 million loan for the acquisition of Hubbard Oaks, a 60-unit multifamily property in Mount Clemens, about 25 miles north of Detroit. Luke Lamoreaux of MMCC secured the five-year, fixed-rate loan through a local bank on behalf of the private client. The property features a mix of one- and two-bedroom units.

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AcquisitionsMichiganMidwestRetail

Boulder Group Arranges $3.8M Sale of Walgreens-Occupied Retail Property in Metro Detroit

by Kristin Harlow

ROCHESTER HILLS, MICH. — The Boulder Group has arranged the $3.8 million sale of a single-tenant retail property net leased to Walgreens in Rochester Hills. Located at 2985 Crooks Road, the 14,820-square-foot building was constructed in 2005. Randy Blankstein, Jimmy Goodman and John Feeney of Boulder Group represented the seller, an East Coast-based investor. The buyer was a West Coast-based investor. The Walgreens lease expires on July 31, 2035. The tenant has operated at the location since 2005.

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AcquisitionsMichiganMidwestMultifamily

GREA Negotiates Sale of 128-Unit Big Bend Apartments in Kalamazoo, Michigan

by Kristin Harlow

KALAMAZOO, MICH. — GREA has brokered the sale of Big Bend Apartments, a 128-unit low-income housing tax credit community in Kalamazoo. Constructed in 2004, the property features a mix of two- and three-bedroom units. GREA facilitated the disposition of the asset on behalf of the original developer.

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AcquisitionsMichiganMidwest

HOK Acquires Detroit-Based Architecture Firm Rossetti

by Kristin Harlow

DETROIT — HOK has acquired Rossetti, a Detroit-based architecture firm known for its sports venue design and renovation work. HOK says the merger strengthens its position as one of the world’s leading sports, recreation and entertainment design practices. The combined firm will operate as HOK + Rossetti. Led by Matt Rossetti, the Rossetti team will continue to operate from Detroit, a market where HOK has sought a physical presence and where Rossetti has operated for 57 years. Rossetti’s portfolio includes the Formula 1 Crypto.com Miami Grand Prix, the USTA Billie Jean King National Tennis Center and Detroit’s Ford Field, with a significant reimagination of USTA’s Arthur Ashe Stadium and Cosm Detroit currently underway. The combined HOK + Rossetti sports, recreation and entertainment practice will be led by directors Nate Appleman, Shannon Bartch, Amy Chase, John Rhodes, Matt Rossetti and Rashed Singaby. HOK, a global design, architecture, engineering and planning firm with 27 offices, designed Little Caesars Arena and the forthcoming home of Detroit City Football Club.

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