SOUTHFIELD, MICH. — Friedman Real Estate has arranged the auction sale of West 11, a three-building office campus spanning 23.9 acres and totaling more than 640,000 square feet in the Detroit suburb of Southfield. The undisclosed buyer plans to convert the property into mixed-use. Friedman worked with auction partner Ten-X. The sales price and seller were not disclosed.
WEST BLOOMFIELD, MICH. — The Back Nine Golf Simulator has signed a 2,127-square-foot retail lease at Crosswinds Mall in West Bloomfield. Michael Murphy of Gerdom Realty & Investment represented the tenant, which is opening its ninth location in Michigan. Marvin Petrous of Signature Associates represented the undisclosed landlord.
FARMINGTON HILLS, MICH. — Bernard Financial Group (BFG) has arranged a $4 million loan for the refinancing of an 89,691-square-foot office property in the Detroit suburb of Farmington Hills. Joshua Bernard of BFG arranged the loan on behalf of the borrower, an entity doing business as HRFG Acquisition LLC. A life insurance company provided the loan.
KENTWOOD, MICH. — Cinnaire has provided a $12 million Low-Income Housing Tax Credit equity investment as well as a $23.5 million loan with its partners CPC Mortgage Co. to support the preservation and rehabilitation of Countryside Townhomes, a 146-unit affordable housing community in Kentwood near Grand Rapids. The financing package also included a nearly $3 million equity bridge loan. Countryside Townhomes was originally built in 1971 as a Section 8 property. Today, all of the units are restricted to families earning no more than 60 percent of the area median income, and all but five units are covered by a long-term Housing Assistance Payments contract. The property consists of 24 buildings with 18 one-bedroom, 78 two-bedroom and 50 three-bedroom, two-story townhomes — each with a full basement — serving residents of all ages. The community was in significant need of rehabilitation after more than 50 years in service, according to Cinnaire. Vitus, a developer and owner of affordable housing, was the borrower.
REDFORD TOWNSHIP, MICH. — Friedman Real Estate has negotiated the sale of an 18,800-square-foot industrial property located at 24800 Plymouth Road in the Detroit suburb of Redford Township. Phil Konopitski of Friedman represented the seller, Dudek Property Investments LLC. Crown Specialty Investments LLC was the buyer.
GRAND BLANC, MICH. — Largo Capital Inc. has arranged a $26 million bridge loan for a multifamily property in Grand Blanc, a suburb of Flint. Ned Perlman of Largo Capital arranged the loan through an agency bridge lender. The new loan refinanced the existing construction loan.
ROYAL OAK, MICH. — Alloy Personal Training has signed a 1,500-square-foot retail lease at The Griffin, an apartment complex built in 2021 in the Detroit suburb of Royal Oak. The property is located at the northeast corner of I-696 and Woodward Avenue. Owen Kelly and Michael Murphy of Gerdom Realty & Investment represented the landlord, Singh Development.
LAPEER, MICH. — Bernard Financial Group (BFG) has arranged a $16.9 million loan for the refinancing of a 152-unit multifamily property in Lapeer, about 60 miles north of Detroit. Dan Duggan of BFG arranged the loan on behalf of the borrower, Selective Real Estate LLC. Fannie Mae provided the loan.
ADA, MICH. — Marcus & Millichap has negotiated the sale of Ada Attic Self-Storage, a 342-unit self-storage facility in Ada near Grand Rapids. The sale closed at a 6.62 percent cap rate. Built in 2002, the 52,150-square-foot property comprises climate-controlled and conventional units and was 96 percent occupied at the time of sale. Recent upgrades include new shingles, LED lighting and a modern surveillance system. Eddie Greenhalgh of Marcus & Millichap represented the seller, a family trust/limited liability company, and procured the buyer, Prestige Storage, in association with Steve Chaben, the brokerage firm’s broker of record in Michigan. The transaction marks the first time that the asset has changed hands.
DETROIT — The new home of Detroit City Football Club (DCFC), set to open in southwest Detroit for the 2027 USL Championship season, will be known as AlumniFi Field. AlumniFi will also serve as the club’s exclusive financial partner. Sports Revenue Advisors and M3 Group brokered the multi-year agreement. Pending public approvals, construction on the field is scheduled to begin in late 2025. The soccer-specific stadium will be Detroit’s only privately owned and financed professional sports stadium and will seat 15,000. HOK designed the project. AlumniFi is a digital financial platform created by MSU Federal Credit Union.
