OKEMOS, MICH. — Bernard Financial Group (BFG) has arranged a $6.7 million loan for the refinancing of a 254-unit multifamily property in Okemos near Lansing. Dennis Bernard and Joshua Bernard of BFG arranged the loan through Minnesota Life Insurance Co. The borrower was an entity doing business as Cedar Creek MS LLC.
CLAWSON, MICH. — Dominion Real Estate Advisors has brokered the sale of a 14,350-square-foot industrial building located at 850 N. Rochester Road in Clawson, a northern suburb of Detroit. The sales price was undisclosed. Barry Landau of Dominion represented the seller, LT Property Holdings LLC. Ernie Dearman of CLG Realty Advisory represented the buyer, OM3 LLC.
STERLING HEIGHTS, MICH. — Lionheart Capital has unveiled plans for the $1 billion mixed-use redevelopment of Lakeside Mall in the Detroit suburb of Sterling Heights. The redevelopment process will begin with the demolition of the enclosed regional mall following its closure on July 1. The new development will be anchored by a mixed-use town center and central park featuring shops, offices, coffee houses, restaurants, an area for community gatherings and events, and a two-story community center with recreational amenities including swimming pools, fitness facilities and libraries. The project is also set to include a hotel and residential space, details of which were not disclosed, as well as 30 acres of public space, parks and infrastructure. Plans include the addition of walking, biking and hiking trails that connect to local trail networks including the Iron Belle Trail, Freedom Trail and Dodge Park Trail. Groundbreaking on the town center is scheduled for late 2025. The development team includes master architect CallisonRTKL, landscape designer SWA and civil engineer Giffels Webster. A completion timeline was not disclosed. Lakeside Mall originally opened in 1976. The site spans 110 acres and the existing buildings total 1.5 million square feet. Miami-based Lionheart Capital is an investment firm …
MICHIGAN — EBSC Lending has provided a $26.2 million loan for the refinancing of a 41-unit affordable seniors housing community in Michigan. The borrower, a nonprofit owner-operator, will use the proceeds to refinance existing debt and fund capital improvements. Specific upgrades will target unit interiors, building exteriors, elevators, common areas and building systems like security, backup electricity and medical alert. The community features a mix of predominantly one-bedroom units, with some studios and two-bedroom units. The redevelopment of the property will create new loft-style apartments. All 41 units will be reserved for low- and moderate-income seniors, with 13 units reserved for households earning below 30 percent of the area median income (AMI), 11 for those below 60 percent of AMI, and 17 for households below 80 percent of AMI. The borrower was an experienced hospitality owner and operator. The fixed-rate debt was structured at an 85 percent loan-to-value ratio with a five-year term, including 36 months of interest-only payments.
TROY, MICH. — Burlington Stores Inc. has signed a lease to open a new store at Oakland Square in Troy. Continental Realty Corp. (CRC) owns the 220,000-square-foot shopping center. Burlington joins HomeGoods, Five Below, Kohl’s and Ulta as anchor tenants at the center, which is now 83 percent leased. Rachel Lee of CRC and Daniel Stern, Jared Gell, Eric Unatin and Eric Birnholtz of Mid-America Real Estate represented the landlord. Bradley Gershman of Gershman Partners and Andrew Luckoff of Landmark Commercial Real Estate Services represented the tenant. Burlington currently operates eight stores in the northwest Detroit area, including Bloomfield Township, Rochester Hills, Southfield and Sterling Heights. Baltimore-based CRC acquired Oakland Square together with the adjacent Oakland Plaza in 2021. Built in 1986 with additional construction completed in 1997, Oakland Square consists of three buildings.
TROY, MICH. — Colliers Detroit has brokered the sale of Maple Commerce Center, a 39,058-square-foot office and industrial asset in Troy. The sales price was undisclosed. Located at 950 W. Maple Road, the property was originally built as a truck repair facility in 1962. In the 1980s, Maple Commerce Center underwent significant renovations to serve an automotive engineering company. Later, Colliers worked with developer Cooke Management on a repositioning strategy to transform the property into multi-tenant use. Tenants include Superior Ambulance, Krav Maga, Italmoda, F.A.S.T. and R&B Dance Studio. The asset is fully leased. Gary Grochowski and Bryan Barnas of Colliers represented the seller, Cooke Management. Berge Avesian of Colliers represented the buyer, Barbat Group.
HASLETT, MICH. — REDICO has opened American House Meridian, a 132-unit independent living community in Haslett, an eastern suburb of Lansing. The project team included Cunningham-Limp Development Co. and Banko Design. The four-story property is located at 1673 Haslett Road. Amenities include a fitness center, movie theater room, café, game room and Paul Mitchell salon. The Therapy Institute, a physical, occupational and speech therapy company, is moving into the lower-level retail space in June. Prior to opening, 50 of the community’s units were leased.
FLINT, MICH. — Dominion Real Estate Advisors and Lee & Associates have arranged the sale of an 11,892-square-foot medical office building in Flint for an undisclosed price. The property is located at 1321 S. Linden Road within the Cornerstone Office Complex. James Mitchell of Dominion and Michele Rosenblum of Lee & Associates represented the seller, LSPV Cornerstone Owner LLC, otherwise known as Versa Development. The buyer will occupy the building for its medical practice, Mid-Michigan Home and Health Hospice.
WYOMING, MICH. — Cherry Health and Woda Cooper Cos. Inc. have partnered to build Shea Ravines, a 56-unit affordable housing community in Wyoming near Grand Rapids. Michigan State Housing Development Authority has awarded housing tax credits for the $18.2 million development. The project will be located at 2929 Burlingame Ave. SW adjacent to Cherry Health’s Wyoming Community Health Center. The four-story building will offer one- and two-bedroom units for residents who earn up to 80 percent of the area median income. Of the 56 units, 20 will be reserved for people battling homelessness. Amenities will include a multipurpose room, playground and bike storage. The Grand Rapids Housing Commission has awarded project-based rental assistance vouchers to support the 20 units for homelessness. Community Rebuilders will serve as the lead service agency to coordinate supportive services to assist these residents. The project team includes architect Hooker DeJong Inc. Woda Construction Inc. is the general contractor and Woda Management & Real Estate LLC will perform leasing and property management services.
OAKLAND COUNTY, MICH. — District Capital has arranged a $10 million loan for the refinancing of a 62,000-square-foot retail center in Oakland County within the Detroit metro area. Justin Hollis of District Capital arranged the loan through a life insurance lender. The interest rate was locked at application.
