ROSEVILLE, MICH. — Arbor Realty Trust Inc. has provided a $10.6 million bridge loan for a multifamily property in Roseville, about 20 miles northeast of Detroit. The 266-unit property is comprised of two adjoining apartment communities built between 1965 and 1972. Amenities include laundry facilities, on-site management, a playground and swimming pool. Ari Short of Arbor originated the three-year loan. The borrower was not disclosed.
TROY, MICH. — Newmark Knight Frank (NKF) has negotiated the sale of a 22,000-square-foot industrial warehouse in Troy for an undisclosed price. The property is located at 1875 Stephenson Highway. Built in 1965, the warehouse is situated on two acres and features LED lighting, storage and office space. Geoff Hill and Paul Gyarmati represented the seller, National Print and Mail. SourceHub, an online distributor of warehousing and facility equipment, purchased the property and plans to take occupancy in July.
LANSING, MICH. — Harley Ellis Devereaux (HED) has been selected to serve as the executive architect and engineer for a new hospital for McLaren Greater Lansing. The 500,000-square-foot, 240-bed medical center will be built adjacent to Michigan State University on a 39-acre site. The project is expected to move from the design phase into construction by the end of this year with a 2021 opening. McLaren is investing $450 million to consolidate its two current Lansing hospital facilities at the new campus.
DETROIT — Lutz Real Estate Investments and Northern Equities Group have acquired the historic Albert Kahn Building in Detroit’s New Center, a commercial and residential historic district. The price was undisclosed. The 320,000-square-foot office building, once home to Saks Fifth Avenue, will be converted into 200 apartment units and 60,000 square feet of retail and office space. Kraemer Design Group is the design firm and Cunningham Limp is the general contractor. Brian Raznick of Jaffe Raitt Heuer & Weiss represented the partnership in the transaction. Q10 | Lutz Financial Services secured the acquisition and renovation financing from a West Coast-based lender that had been actively looking for Detroit financing opportunities. A.J. Weiner and Anne Knopke of JLL brokered the sale. The Platform acquired the 10-story Albert Kahn Building in 2015 in a package deal with the landmark Fisher Building.
OAK PARK, MICH. — Bernard Financial Group has arranged a $14.5 million loan for the refinancing of Village Green Townhomes in Oak Park, a northern suburb of Detroit. The property features 374 units. Dennis Bernard arranged the loan on behalf of the borrower, Village Green/Huntington LLC. Securian Life Insurance Co. provided the loan.
SOUTHFIELD, MICH. — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have acquired an 85,000-square-foot medical office building in Southfield, a northern suburb of Detroit. The purchase price was $16.2 million. The property was approximately 96 percent leased at the time of acquisition to multiple tenants, including Wayne State University Physician Group and Beaumont Health System. Rich Deptula and Todd Hawley of Friedman Integrated Real Estate Solutions represented the seller, Universal Properties FPMC LLC. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand, a revolving line of credit with Bank of America NA and Keybank NA, and through the assumption of an existing mortgage loan.
SHELBY TOWNSHIP, MICH. — Polymer Process Development has signed a 75,000-square-foot industrial lease in Shelby Township, about 30 miles north of Detroit. The provider of plastic injection moldings will occupy the space at 11969 Shelby Tech Drive. The company plans to vacate two facilities in Clinton Township and Chesterfield Township and consolidate into the new building later this summer. Jason Capitani of L. Mason Capitani CORFAC International represented PPD in the lease transaction.
DETROIT — The Michigan Strategic Fund has provided the final approval for Bedrock’s use of the MIthrive financing tool, clearing the final hurdle that locks in $2.1 billion in new investment in downtown Detroit for four projects. Plans call for redevelopment of the iconic Hudson’s site, transformation of the Monroe Blocks site, restoration of the historic Book Building and Book Tower, and expansion of One Campus Martius building. The projects are expected to create a total of 22,000 jobs, of which 15,000 are construction-related and 7,000 are permanent. The State of Michigan is estimated to capture a $2.5 billion increase in tax revenue, according to Bedrock. Construction has already begun on Hudson’s and Book Tower. Bedrock expects to break ground on Monroe and One Campus Martius later this year. Read more about each of the projects here.
MICHIGAN — Northern Diamond Management has signed an agreement with Smoothie King to develop 50 locations to be occupied by Smoothie King in Michigan. The firm plans to open three of those locations by the end of this year. Smoothie King expects to open 150 new locations in 2018, the most it has ever opened in the United States in a single year, according to Smoothie King Franchises Inc. There are currently more than 900 Smothie King locations worldwide. Northern Diamond Management is a Brighton, Mich.-based limited liability company.
EAST LANSING, MICH. — Arbor Realty Trust Inc. has provided a $13 million HUD-insured loan for the refinancing of Glenwood Apartments in East Lansing. The 138-unit apartment property is located near Michigan State University. Amenities include a pool, fitness center, clubhouse and laundry facilities. Michael Jehle of Arbor originated the 35-year loan.