REBusinessOnline

Cohen Financial Arranges $4.1M HUD-Insured Loan for Refinancing of Assisted Living Community in Michigan

ALMA, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $4.1 million HUD-insured loan for the refinancing of Arbor Grove Assisted Living in Alma, which is located in Central Michigan. The assisted living community includes 41 units. Cathy Bronkema of Cohen arranged the fixed-rate loan, which is fully amortized over 35 years. The borrower was a Grand Rapids, Mich.-based senior living owner and

The Hunt for Yield Returns to Detroit and Its Suburbs

In 2008, the credit crisis had gripped the world and in particular, the Midwest. Lenders, whether CMBS or life insurance companies, had put large “X’s” through Michigan on their maps. And Detroit? South of 8 Mile, you couldn’t get a deal done. Enter entrepreneur businessman Dan Gilbert. Inspired by an intern spurning his then Livonia-based Quicken Loans for a more urban, walkable environment in Chicago, Gilbert made the bold decision to move his entire operation to downtown …

Positive Economic, Demographic Trends Fuel Detroit’s Apartment Rental Market

Throughout metro Detroit, employment and population gains are bolstering apartment demand. Following the creation of 40,200 jobs one year ago, employers in the metro area added 22,200 people to payrolls during the past four quarters. The hiring brought the unemployment rate to 4.5 percent in March, down 10 basis points year over year. The tighter rate may make it more difficult for some employers to find qualified workers to fill openings. During the past 12 months, the hospitality sector …

Corporate Eagle Breaks Ground on New Headquarters at Airport in Waterford, Michigan

WATERFORD, MICH. — Corporate Eagle, a provider of fractional jet ownership and jet management services, has broken ground on its new headquarters at the Oakland County International Airport in Waterford. Located on 5.7 acres at the corner of Highland Road and Patterson Parkway, the new facility will include 56,000 square feet of hangar space, 9,000 square feet of business and member VIP facilities, 85,000 square feet of concrete tarmac and jet fuel storage for 40,000 gallons. Corporate Eagle …

Development Team Selected for Gordie Howe International Bridge Project Connecting Detroit to Canada

DETROIT — Bridging North America, a partnership of Fluor and ACS Infrastructure Canada, was selected to design, build, finance, operate and maintain the Gordie Howe International Bridge project for Windsor-Detroit Bridge Authority. The planned bridge and border crossing will span the Detroit River and connect Detroit to Windsor, Canada by linking I-75 and I-96 with the new extension of Highway 401 in Ontario. When complete, the bridge will be the longest cable-stayed bridge in North America. …

Encore Arranges Sale of Property Leased to Applebee’s in Roseville, Michigan for $3.4M

ROSEVILLE, MICH. — Encore Real Estate Investment Services has arranged the $3.4 million sale of a building leased to Applebee’s in Roseville, about 20 miles north of Detroit. The 5,689-square-foot property, located at 31653 Gratiot Ave., traded for $597.64 per square foot. Applebee’s has 10 years remaining on its lease. The sales price represents a 7.1 percent cap rate and $597.64 per square foot. Logan McAnallen of Encore represented the seller, a Flushing, Mich.-based private investment …

Detroit Office Market Development Quickly Accelerates

The most exciting story in Michigan’s overall recovery from the Great Recession has been the revitalization of downtown Detroit. For locals and out-of-towners, Detroit’s development boom is surprising, exciting, refreshing, and at times, hard to believe. This real estate cycle may go down as the most important and consequential in 50 years. Indeed, the numbers and the anecdotal evidence demonstrate that we are not just witnessing a hot market — we are witnessing a once-in-a-generation …

Bernard Arranges $17M Refinancing for Apartment Property in Detroit

DETROIT — Bernard Financial Group has arranged a $17 million CMBS loan for the refinancing of River Place Apartments in Detroit. The 301-unit apartment complex, originally built from 1891 to 1908, features lofts and townhomes. River Place GP LLC was the borrower. Dennis Bernard of Bernard Financial originated the

KeyBank Provides $14.4M Freddie Mac Loan for Acquisition of Manufactured Housing Community in Michigan

KALAMAZOO, MICH. — KeyBank Real Estate Capital has provided a $14.4 million Freddie Mac loan for the acquisition of Pavilion Estates in Kalamazoo. The 531-pad manufactured housing community was built in 1965 and is situated on 74.3 acres of land. Tim Weldon of KeyBank originated the 10-year loan, which features a 30-year amortization schedule. The borrower was not

NAI Wisinski Brokers Sale of 1.5-Acre Development Site for Apartment Project in Grand Rapids, Michigan

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 1.5-acre development site located at 745 Stocking Ave. in Grand Rapids. The sales price was not disclosed. The buyer, Woda Cooper Cos., plans to tear down the current building onsite and develop a four-story, 50-unit apartment complex. Known as Seven45, the property will feature affordable apartments intended for those who make 30 to 60 percent of the area median income. The unit mix will include one-, two- and …

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