DETROIT — SunTrust Banks Inc. has provided a $64.1 million loan for the refinancing of a three-property manufactured housing community located north of Detroit. The portfolio includes a total of 1,403 manufactured home sites. Two of the properties were built in the early 1970s and the other was constructed in 1989. Chris San Jose of Yale Realty & Capital Advisors arranged the loan on behalf of the local borrower. The fixed-rate loan features a 10-year term.
KALAMAZOOO, MICH. — NAI Wisinski of West Michigan has brokered the sale of an 18,600-square-foot office building in Kalamazoo for an undisclosed price. ABTZ Properties purchased the property and Braintrust Behavioral Health LLC will occupy the majority of the space. The building, located at 5942 Stadium Drive, will house Braintrust’s administrative and clinical staff offices as well as an autism center. The company is an independent healthcare provider focused on supporting children, families and adults with behavioral change.Kara Schroer of NAI Wisinski represented ABTZ Properties in the sale. Chip Hurley of Signature Associates and Noah Davey of NAI Cressy represented the undisclosed seller. NAI Wisinski has been retained as leasing agent for the approximately 3,000 square feet of remaining space.
GRANDVILLE AND WYOMING, MICH. — Berkadia has secured $108.3 million in acquisition financing through Fannie Mae for two apartment properties in Michigan. Torchlight Investors was the borrower. The Grandville property features a mix of studio, one-, two- and three-bedroom units. Amenities include a basketball court, pet area, fitness center and walking and biking trails. The Wyoming property offers upgraded units with vaulted ceilings and walk-in closets. Amenities include a fitness center, outdoor courtyard, swimming pools, tennis courts and storage facilities. Peter Benedetto of Berkadia arranged 12-year, fixed-rate financing for both properties.
DETROIT — Friedman Real Estate has negotiated the sale of a 26,600-square-foot office building in Detroit for an undisclosed price. The property is located at 610 W. Congress St. Congress Real Estate Ventures LLC sold the asset to 610 West Congress Partners LLC. Alan Stern and Steven Silverman of Friedman represented both parties in the sale.
WARREN, MICH. — Q10|Lutz Financial Services has arranged a $2 million loan for the refinancing of a 34-unit multifamily property in Warren, a northern suburb of Detroit. The asset was fully occupied at the time of refinancing. Steven Siegel of Q10|Lutz arranged the non-recourse loan on behalf of the undisclosed borrower. Loan terms included 80 percent leverage, a fixed interest rate of 4.66 percent, 10-year term and 30-year amortization schedule. A Southeast-based lender provided the loan.
DETROIT — VICI Properties Inc. (NYSE: VICI) and Penn National Gaming Inc. (NASDAQ: Penn) have purchased the Greektown Casino-Hotel in downtown Detroit for $1 billion in an all-cash deal. VICI Properties will be the majority owner, contributing approximately $700 million for the land and real estate assets. Penn National will supply the remaining $300 million for the operating assets. VICI Properties, a New York-based REIT, simultaneously entered into a triple-net lease agreement with Penn National. The lease will have an initial rent of $55.6 million annually for 15 years with four five-year renewal options. Greektown opened in 2000 and features over 10,000 square feet of casino space, about 2,700 gaming machines, three restaurants and a 400-room hotel. Greektown employs about 1,800 people. “We are proud to expand our partnership with Penn National and add Greektown to our growing portfolio of market-leading gaming, hospitality and entertainment destinations,” says John Payne, president and chief operating officer of VICI Properties. “As the only casino located in Detroit’s historic Central Business District, Greektown, and its 30-story hotel tower, are ideally situated.” The Detroit Free Press reports Dan Gilbert, founder of Quicken Loans and owner of the Cleveland Cavaliers, is the seller. Gilbert is expected …
CHESTERFIELD TOWNSHIP, MICH. — ABC Supply Co. has signed a 50,000-square-foot industrial lease in Chesterfield Township, about 35 miles north of Detroit. The property is located at 50405 Patricia St. The construction supply company specializes in roofing, windows, gutters and siding for both residential and commercial buildings. The company is relocating from a smaller facility in Macomb Township. Jason Capitani and Joe DePonio of L. Mason Capitani CORFAC International represented the undisclosed landlord.
DETROIT — Google has opened its first Detroit office at The District Detroit, which is linked to Little Caesars Arena. Approximately 100 employees will work out of the 30,000-square-foot, two-floor office, which is located at 52 E. Henry St. Designed by Detroit-based architecture firm SmithGroup, the office features interior décor showcasing the history and landmarks of the Motor City. The space also includes workout amenities and kitchens. Google will join the Detroit Red Wings, Olympia Entertainment and 313 Presents as tenants in the office space adjacent to the arena. More than 600 employees work for Google in the state of Michigan. The District Detroit is a $1.4 billion project undertaken by Olympia Development.
NOVI AND WEST BLOOMFIELD TOWNSHIP, MICH. — Greystone has provided a total of $46.5 million for the refinancing of two multifamily properties in suburban Detroit. Fred Levine of Greystone originated both Fannie Mae loans on behalf of the borrower, Singh Development Co. A $27 million, 10-year loan will be used to refinance Main Street Village Phase II in Novi. Built in 2003, the community features 148 garden-style units as well as a pool, spa, fitness center, playground, clubhouse and business center. A $19.5 million loan will be used to refinance Brandywine Apartments in West Bloomfield Township. Built in 2002, the 121-unit community features the same amenities as Main Street Village. For both transactions, Greystone leveraged Fannie Mae’s Green Rewards program, which provides borrowers committed to making energy or water usage improvements with favorable financing terms.
DEARBORN, MICH. — Beaumont Health and Universal Health Services (UHS) have formed a joint venture to develop a new $40 million mental health hospital in Dearborn. The partnership also plans to implement Beaumont graduate medical education programs in psychiatry, psychopharmacology and other clinical training opportunities, and expand intensive day programs and outpatient care. Construction is slated to begin in early 2019 on the 150-bed hospital, which will be located across the street from Beaumont Hospital. The facility is expected to open in early to mid-2021. Inpatient mental health services across Beaumont Health will be consolidated into the one location, which will serve adult, pediatric and geriatric patients. Over time, Beaumont plans to implement a comprehensive telemedicine program that will support its nine emergency rooms and other patient care settings across the system.