SOUTHFIELD, MICH. — Money360 has provided a $3.2 million bridge loan for the acquisition of a 60,000-square-foot office building in Southfield. The two-year loan features a loan-to-value ratio of 74.4 percent. The borrower was not disclosed.
BIG RAPIDS, MICH. — Spectra Student Living has broken ground on Eight Thirty Water Tower, a $17 million community near Ferris State University in Big Rapids. Slated to open in August 2019, the student housing property will include 318 beds within 120 units. Floor plans will consist of one-, two- and four-bedroom units. Amenities will include a clubhouse, resident lounge and YouTube room. Spectra will manage the property in partnership with Athens, Ga.-based Landmark Properties. More than 14,730 students are enrolled at Ferris State University.
NORTHVILLE, MICH. — Burn Boot Camp has leased 6,240 square feet to open a Northville location at 16831-16863 Ridge Road. The North Carolina-based fitness center franchise has more than 65 locations nationally. This will be the company’s fourth fitness center in Michigan. The company offers high-intensity classes that last 45 minutes. Thomas Wardlow of Colliers International represented the tenant in the lease transaction. The landlord was not disclosed. Burn Boot Camp hopes to be open before the end of the year.
DETROIT — Metro Commercial Real Estate has negotiated two new locations for The EDGE Fitness Club in metro Detroit. The fitness club will occupy 37,000 square feet in Farmington Hills in a space formerly occupied by Kohl’s. The opening is scheduled for the fourth quarter of 2019. In Sterling Heights, EDGE will occupy 36,676 square feet in a space formerly occupied by Kroger. The opening is also slated for the fourth quarter of 2019. Brandon Anapol of Metro led the leasing team. EDGE facilities are accessible at all hours. Fitness classes, training, nutrition and weight loss support are available.
WINDSOR, CANADA — Detroit-based Quicken Loans and its family of affiliated companies has unveiled plans to open a new office location in the historic Old Fish Market Building in downtown Windsor, Ontario. The expansion into Canada will enable Quicken Loans to recruit top talent from Windsor, Toronto and Waterloo to support the growing need for additional technology talent, according to the company. Quicken Loans will lease more than 9,000 square feet of office space at the building, which is undergoing renovations that are expected to be completed in the first half of 2019. The company plans to grow the office to more than 100 tech workers.
DETROIT — Broder & Sachse Real Estate has reopened The Hamilton Midtown in Detroit. Originally designed as an apartment hotel that opened in 1913, the property now offers 97 apartment units. The $12 million rehabilitation of the property features new amenities, such as a lounge with gaming and other entertainment, living room with coffee station, fitness and wellness center, dog washing station, and bike repair station. The rehabilitation also included the restoration of the ballroom. Monthly rents start at $722 per month. Sachse Construction served as the construction manager and Hamilton Anderson Associates was the architect. The City of Detroit and United Community Housing Coalition helped create an inclusionary housing program for qualified residents so that, upon completion of renovations, more than 75 percent could return to the building at an affordable rental rate.
TROY, MICH. — Power Home Solar & Roofing has signed a 17,986-square-foot office lease at 500 Stephenson Highway in Troy. The Mooresville, N.C.-based company specializes in solar energy and roofing services. The Troy office will enable the company to address ongoing growth and expansion of call center operations. Aaron Smith and Mason Capitani of L. Mason Capitani CORFAC International represented the tenant in the lease transaction. The landlord was not disclosed.
INKSTER, MICH. — Friedman Real Estate has arranged the sale of a 28,900-square-foot industrial building in Inkster, about 20 miles west of Detroit. The sales price was not disclosed. The property is located at 3000 Middlebelt Road. Phil Konopitski of Friedman represented the buyer, Abdul Saleh. Kodiak Properties was the seller. Tenants were not disclosed.
ROMEO, MICH. — Capital One has provided a $17.1 million HUD 232/223(f) loan for the refinancing of a 104-unit skilled nursing facility in Romeo, a northern suburb of Detroit. Built in 2014, the facility features large therapy areas catering to Medicare and managed care residents and includes common areas such as a bistro. Joshua Rosen of Capital One originated the loan on behalf of the undisclosed borrower. The loan will enable the borrower to refinance existing bank debt as well as partnership debt.
DETROIT — The Christman Company has completed the restoration of the Old Wayne County Building located at 600 Randolph St. in Detroit. The scope of the project included improvements to the exterior façade and lighting as well as the removal of old furniture. Since March 2016, the building’s ownership group has invested $7 million in restoring the property. Quinn Evans Architects served as the project architect. The 250,000-square-foot building has been vacant since Wayne County government left the property in 2009 and moved to the Guardian Building on Griswold Street. The property is listed on the National Register of Historic Places.