STERLING HEIGHTS, MICH. — Gov. Gretchen Whitmer and the Michigan Strategic Fund Board have approved a $270.7 million Transformational Brownfield Plan (TBP) to support the redevelopment of the former Lakeside Mall site in Sterling Heights. The proposed plan includes roughly 1,545 residential units across nine multifamily buildings ranging in size from four to five stories, including a building targeted at residents over 55 years of age. Additionally, the project will add 154,007 square feet of new retail space, a central community park and green space and a mix of parking lots and street parking for residents and visitors. When complete, the project is estimated to result in $621 million in total capital investment. Aside from participating in tax revenue capture to support the redevelopment plan, the City of Sterling Heights intends to proceed with a bond issuance of approximately $27.6 million to assist in the cost of the infrastructure. The total TBP incentive package will be reimbursed over 30 years. The developer, Lakeside OOTB Ventures LLC, is a subsidiary of Lionheart Capital. Lakeside Mall closed in July 2024.
KALAMAZOO, MICH. — BWE has arranged a $37 million bridge loan for The Exchange, a 15-story apartment building in Kalamazoo. BWE’s Chris Carroll, Cathy Bronkema and Max Miller originated the financing from a debt fund on behalf of the borrower, a local commercial and residential property developer. Delivered in December 2020, The Exchange features ground-floor retail space, structured parking and luxury apartment units. Amenities include a roof deck, outdoor patio, fitness center, clubroom, package handling room and bike storage.
DETROIT — Ilitch Cos., which owns and operates the Detroit Red Wings, the Detroit Tigers, pizza chain Little Caesar’s and Olympia Entertainment, has agreed to acquire Scarlet Pearl Casino Resort in D’Iberville, Miss., as well as the remaining 50 percent ownership interest in Ocean Casino Resort in Atlantic City, N.J. In conjunction, Ilitch Cos. CEO Chris Ilitch has also announced the formation of Ilitch Gaming, a new enterprise that will oversee the company’s gaming businesses, including the two new casinos. Detroit-based Ilitch Cos. also owns MotorCity Casino Hotel, located in Detroit, which will also now come under Ilitch Gaming’s operating umbrella. Scarlet Pearl Casino Resort is a 300-key hotel with a gaming floor containing more than 800 slots and video poker machines and 30 table games. The property also features multiple amenities and a 36-hole miniature golf course. The purchase of Scarlet Pearl Casino Resort marks the third market Ilitch Cos. has expanded into. Ocean Casino Resort features 1,860 rooms with a 135,000-square-foot casino floor, a 4,500-seat concert venue and 160,000 square feet of meeting and convention space. The beachfront property spans than 20 acres and offers proximity to the Atlantic City Boardwalk. In addition, Ocean Casino Resort offers a …
DETROIT — CooperWynn Capital has arranged an undisclosed amount of financing, including bridge debt and joint venture equity, for the acquisition and conversion of the 203-key DoubleTree Suites Detroit Downtown Fort Shelby hotel. The borrower is 6PM Hospitality Partners LLC. The property, which is listed on the National Register of Historic Places, will be rebranded as an Embassy Suites by Hilton and will undergo extensive renovations to guestrooms, public spaces, food-and-beverage outlets and meeting spaces. The hotel is expected to reopen later this year as a 204-key, all-suite hotel that will be managed by 6PM Hospitality Partners. The asset was originally constructed in 1917 and designed by renowned Detroit architect Albert Kahn. The hotel underwent a restoration in 2008 in connection with its repositioning under the DoubleTree by Hilton brand, followed by a refresh in 2023.
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.
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 …
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. …
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.
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.
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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