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DevelopmentHealthcareMichiganMidwest

Kirk Gibson Foundation Opens 32,000 SF Center for Parkinson’s Wellness in Metro Detroit

by Kristin Harlow

FARMINGTON HILLS, MICH. — The Kirk Gibson Foundation has opened The Kirk Gibson Center for Parkinson’s Wellness at 31440 Northwestern Highway in Farmington Hills. Those impacted with Parkinson’s can access a wide range of activity-based and educational programs free of charge at the 32,000-square-foot facility. Construction began in March. The project involved the transformation of an office building for an automotive organization into the wellness center. The two-level building offers programs that focus on movement and cognitive therapy. The center also houses the headquarters for the Kirk Gibson Foundation for Parkinson’s, which moved its offices into the facility. The project was completed in partnership with the Detroit office of architectural firm Gensler. The center is located within a 30-minute driving radius from 70 percent of the Wayne, Oakland and Macomb counties, providing access to an estimated 8,000 people living with Parkinson’s in metro Detroit. Nearly 900 individuals have already registered for the center, with more than 300 members onboard and over 200 now actively participating in classes. The interior features a large gathering hall with an overhead oval walk/run track, a gym for strength and cardio, a boxing therapy zone, various rooms dedicated to targeted exercises such as yoga, general …

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LoansMichiganMidwestRetail

Bernard Financial Group Arranges $11.5M Loan for Refinancing of Michigan Retail Property

by Kristin Harlow

ROCHESTER, MICH. — Bernard Financial Group (BFG) has arranged an $11.5 million loan for the refinancing of a 134,600-square-foot retail property in Rochester, a northern suburb of Detroit. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Eagle Creek Master LLC. A life insurance company provided the loan.

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AcquisitionsIndustrialMichiganMidwestSelf-Storage

Marcus & Millichap Brokers Sale of 635-Unit Self-Storage Facility in Plymouth, Michigan

by Kristin Harlow

PLYMOUTH, MICH. — Marcus & Millichap has brokered the sale of EZ Storage, a 635-unit self-storage facility in the western Detroit suburb of Plymouth. Completed in December 2022, the climate-controlled property totals 73,450 net rentable square feet. Brett Hatcher, Gabriel Coe and Nathan Coe of Marcus & Millichap, in association with Paul Kerber, Marcus & Millichap’s Michigan broker of record, represented the seller, an entity doing business as EZ Storage Plymouth Twp LLC. The buyer was not disclosed.

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AcquisitionsMichiganMidwestOffice

LREH Michigan Acquires 74,500 SF Office Building in Suburban Detroit

by Kristin Harlow

BLOOMFIELD HILLS, MICH. — LREH Michigan LLC has acquired Square Lake Office Park II at 1750 S. Telegraph Road in Bloomfield Hills. The 74,500-square-foot, three-story office building features a lakefront setting and is fully occupied. Mason Capitani of L. Mason Capitani/CORFAC International represented the buyer, which maintains a portfolio in excess of 2 million square feet of Class A office space across metro Detroit. Liberty Property & Asset Management will provide property management services for the building moving forward.

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LoansMichiganMidwestOffice

BWE Secures $15.5M Refinancing for Office Building in Troy, Michigan

by Kristin Harlow

TROY, MICH. — BWE has secured a $15.5 million loan for the refinancing of Troy Corporate Center, a Class A office building in Troy. Dan Rosenberg, Logan Petersmeyer and Isabella Barrios of BWE arranged the loan on behalf of the borrower, Integris Ventures. A life insurance company provided the nonrecourse loan, which features a 30-year amortization. Integris began a value-add business plan after acquiring the 189,790-square-foot, six-story property in 2021. After renovation, the building is nearly fully occupied. Amenities include a micromarket, conference and event space, covered parking, locker rooms and a fitness facility.

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Affordable HousingDevelopmentMichiganMidwestMultifamily

New Phase of Recovery Supportive Housing Development Opens in Jackson, Michigan

by Kristin Harlow

JACKSON, MICH. — The McDaniel Apartments at Andy’s Place II has opened in Jackson, about 37 miles west of Ann Arbor. The project marks a major expansion of Michigan’s first Permanent Recovery Supportive Housing initiative. The development adds 26 affordable housing units and vital recovery services to serve expectant families overcoming opioid addiction. The new phase is named in honor of Mark McDaniel, president and CEO of Cinnaire. Andy’s Place, established in 2020, was the first in Michigan to directly link long-term housing with recovery services. Andy’s Place II, now The McDaniel Apartments, focuses on keeping families together through recovery. Unlike the first phase, which primarily serves treatment court referrals, this phase is open to families applying directly. Residents will have access to peer recovery coaching; onsite behavioral health services; a resource center and community room; and outdoor gathering spaces, picnic areas and a tot lot. These features are designed to reduce relapse, prevent family separation and help residents develop the skills needed for long-term recovery and independence. The McDaniel Apartments was made possible through a collaboration among local, state and private-sector partners, including Cinnaire, Huntington Bank, Comerica, Fifth Third Bank, Michigan State Housing Development Authority and various community-based organizations. …

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Affordable HousingDevelopmentLoansMichiganMidwestMultifamily

River Caddis Communities Receives Construction Financing for 204-Unit Michigan Affordable Housing Project

by Kristin Harlow

MIDLAND, MICH. — River Caddis Communities (RCC), in partnership with the Capital Area Housing Partnership, has received construction financing for The Dean – Apartments at Eastlawn in Midland. The project will transform a former school site into an affordable and workforce housing community. The Dean will be built on a 6.4-acre site once home to Eastlawn School, which served the community from 1947 to 2017. Upon completion in 2027, the development will feature six three-story residential buildings with 204 units; a clubhouse and leasing center; a community hub with gathering spaces, outdoor amenities and walking/biking connections; and sustainable features such as bike repair stations, energy-efficient design and solar investment supported by federal clean energy tax credits. The Dean will provide housing for families earning up to 40, 60, 80 and 120 percent of the area median income. All utilities will be covered by the landlord. The Michigan State Housing Development Authority awarded $30 million in tax-exempt bonds via the Pass Through Bonds program, utilizing low-income housing tax credits to finance costs of constructing the development. Through a private placement, Huntington Bank will serve as the construction lender. The Sturges Company underwrote the short-term cash-collateralized tax-exempt bonds with institutional lenders. In …

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AcquisitionsLoansMichiganMidwestMultifamilyStudent Housing

ACRES Capital Provides $30.5M Acquisition Loan for Multifamily Community in Lansing, Michigan

by Kristin Harlow

LANSING, MICH. — ACRES Capital has provided a $30.5 million first mortgage to finance the acquisition of Gateway Lofts, a student-oriented multifamily community in Lansing. Built in 2021, the property features 181 units across a five-story building. In addition to 9,334 square feet of ground-floor retail space, the community features a fitness center, clubhouse, game room, coffee bar, bike storage, conference room and 204 surface parking spaces. The property is located 0.7 miles from Michigan State University. Vesper was the borrower.

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DevelopmentMichiganMidwestMultifamilyStudent Housing

Subtext Opens 741-Bed VERVE Ann Arbor Student Housing Community at University of Michigan

by Kristin Harlow

ANN ARBOR, MICH. — Subtext has opened VERVE Ann Arbor, a 12-story, 741-bed student housing development near the University of Michigan. Located at 721 S. Forest St., the 328,264-square-foot project includes 217 units ranging from studios to six-bedroom layouts. The property also features a ground-level, full-service lobby coffee shop operated by local favorite, Misfit Society Coffee Club. Additional amenities include a rooftop with a pool deck, hot tub, outdoor kitchen, grilling stations, jumbotron and yard games. Residents have access to a penthouse clubroom, two-story fitness center, yoga studio, private conference rooms, a dog park, electric package locker, bike storage and electric vehicle charging stations. Subtext developed the property in partnership with FrontRange Capital and Kayne Anderson Real Estate. A syndicate of lenders led by Webster Bank structured the financing. WDG Architecture led the design, and ESG Architecture & Design handled the interiors. Brinkmann Constructors was the general contractor.

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DevelopmentMichiganMidwestOffice

Ford to Relocate Headquarters in Dearborn, Michigan to 2.1 MSF Campus, Tear Down Former ‘Glass House’

by Kristin Harlow

DEARBORN, MICH. — Ford Motor Co. has unveiled plans to open a new Ford World Headquarters at its Dearborn product development campus, the new Henry Ford II World Center. The 2.1 million-square-foot property will house thousands of engineering, design and technology team members together in one collaborative space that is twice the size of the company’s current headquarters and built to accommodate double the employees. Construction is underway, and hundreds of employees are working in the building already. The majority of the facility will be complete this year, but work will continue through 2027 on a final section of the site. Upon completion, up to 4,000 people can work from the headquarters with a total of 14,000 employees within a 15-minute walk of the new World Headquarters building. Once Ford has vacated the former headquarters, dubbed the Glass House, the facility will be demolished over the course of 18 months. Ford plans to “repurpose the site as an asset to its teams and community.” Ford is working with the City of Dearborn on a plan for how the site can best serve employees and neighbors. Glass House, which totals 950,000 square feet, has housed Ford’s headquarters since 1956. Ford will …

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