Berkadia Arranges $30.4M Sale of Multifamily Property in Ypsilanti, Michigan

YPSILANTI, MICH. — Berkadia has arranged the sale of Arbor One Apartments in Ypsilanti near Ann Arbor for $30.4 million. The 469-unit, garden-style multifamily property is located at 799 Green Road. It features newly renovated one-, two- and three-bedroom units. Kevin Dillion, Jason Krug, Rick Vidrio, Rick Brace, Charley Henneghan, Carly Dietz and Corey Krug of Berkadia’s Great Lakes team represented the seller, Michigan-based Watermark Partners Real Estate. New Jersey-based Valleytree …

September 18, 2020Acquisitions, Michigan, Midwest, Multifamily

West Michigan’s Jaqua Realtors Merges with Shoreline Realtors

DOUGLAS, MICH. — Jaqua Realtors has merged with Shoreline Realtors and continues the expansion of its presence in West Michigan. Shoreline has served the Saugatuck and Douglas communities for the past 26 years as a real estate and vacation rental company and maintains offices in St. Joseph and South Haven. Jaqua, a 45-year-old brokerage focusing on residential and commercial real estate as well as vacation rentals and property management, occupies an office at 202 Center St. in

September 17, 2020Michigan, Midwest, Office

Bedrock Transforms Former Detroit Free Press Building into $113M Apartment Project

DETROIT — Bedrock, the real estate arm of Quicken Loans Founder Dan Gilbert, has begun lease-up of The Press/321 in Detroit. The 105-unit apartment project is a transformation of the former Detroit Free Press building, which dates back to 1925. Project costs are $113 million.The 14-story building, designed by legendary architect Albert Kahn, originally served as the in-house production facility for Michigan’s oldest newspaper, which launched in 1831. The building spans 250,000 square …

September 16, 2020Development, Michigan, Midwest, Multifamily, Top Stories

Bedrock Acquires Former Sakthi Automotive Portfolio in Detroit for $38.5M

DETROIT — Bedrock, the real estate arm of Quicken Loans Founder Dan Gilbert, has acquired the former Sakthi Automotive Group USA real estate portfolio in southwest Detroit for $38.5 million. The office and industrial campus was in receivership. Huntington National Bank filed a lawsuit last year against Sakthi after the auto supplier defaulted on its debts.Friedman Real Estate brokered the sale of the 620,000-square-foot portfolio, which spans five buildings and also includes …

September 15, 2020Acquisitions, Industrial, Michigan, Midwest, Office

Watermark Residential to Develop 320-Unit Multifamily Community in Grand Rapids

GRAND RAPIDS, MICH. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has acquired 24 acres in Grand Rapids with plans to develop The Grove by Watermark, a 320-unit luxury multifamily community. This is Watermark’s first community in Michigan. Completion is slated for August 2022. Floor plans will range from one- to three-bedroom units and average 1,200 square feet. Amenities will include a clubhouse, fitness center, pool and dog

September 8, 2020Development, Michigan, Midwest, Multifamily

Havenpark Completes Improvements at Michigan Manufactured Housing Community

FENTON, MICH. — Havenpark Communities has completed improvements over the past two years at North Bay Harbor Club in Fenton, about 60 miles northwest of Detroit. A ribbon-cutting ceremony celebrating the improvements will take place Tuesday, Sept. 22. The renovations include upgraded community docks, improved landscaping, new signage and a grill and picnic area. Havenpark has invested more than $350,000 in upgrades and improvements at the manufactured housing

September 8, 2020Development, Michigan, Midwest, Multifamily

Michigan Gyms, Pools to Reopen Starting Sept. 9

MICHIGAN — Michigan Gov. Gretchen Whitmer has signed an executive order enabling the state’s gyms and pools to reopen beginning Wednesday, Sept. 9. Gyms must require mask wearing at all times, implement six-foot social distancing and provide cleaning products. The new order also allows organized sports practices and competitions to resume but does not include the reopening of movie theaters. Gym owners have lobbied the governor tirelessly for their reopening and have suffered crippling …

September 4, 2020Michigan, Midwest

KeyBank Provides $5M Bridge Loan for Affordable Housing Property in Michigan

INKSTER, MICH. — KeyBank Community Development Lending and Investment has provided a $5 million bridge loan for the preservation of Cherry Hill Place Apartments in Inkster, about 20 miles west of Detroit. The 186-unit affordable housing property was constructed in 1979 as a HUD Section 8 community. Within the development, 150 units are designated for low-income seniors and 36 are designated for low-income families. Derek Reed and Alton Tinker of KeyBank structured the financing on behalf of …

September 4, 2020Loans, Michigan, Midwest, Multifamily

MGM Grand Detroit to Cut 1,100 Workers

DETROIT — The MGM Grand Detroit casino plans to cut about 1,100 jobs as part of a national downsizing plan from MGM Resorts International, according to media reports. Nationwide, MGM is laying off 18,000 of its furloughed workers, citing slow business amid the COVID-19 pandemic. MGM Grand Detroit and the city’s two other casinos, MotorCity Casino Hotel and Greektown Casino-Hotel, reopened at 15 percent capacity on Aug.

September 1, 2020Michigan, Midwest, Retail

Bernard Financial Group Arranges $5.6M Refinancing for Office Property in Farmington Hills, Michigan

FARMINGTON HILLS, MICH. — Bernard Financial Group has arranged a $5.6 million loan for the refinancing of a 72,607-square-foot office property in Farmington Hills. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan on behalf of the borrower, Duke & Duke LP. Securian Life Insurance Co. provided the

August 28, 2020Loans, Michigan, Midwest, Office