Michigan

Pillar Provides $7.5M Refinancing for Apartment Property in Lansing, Michigan

by Kristin Harlow January 11, 2018

LANSING, MICH. — Pillar Financial, a division of SunTrust Bank, has provided a $7.5 million Fannie Mae loan for the refinancing of The Outfield Apartments in Lansing. The 84-unit apartment property overlooks the Cooley Law School Stadium, home of the Lansing Lugnuts, a Class A minor league baseball team affiliated with the Toronto Blue Jays. Residents can view baseball games from their living rooms and balconies. The fully leased property is a combined development agreement between Gillespie Group, the city of Lansing and Michigan Economic Development Corp. David Wilkins and Charles Krisfalusi of Pillar originated the 30-year loan, which will refinance Gillespie Group’s construction loan.

January 11, 2018

Industrial Michigan Midwest

Bontaz Centre Signs 40,000 SF Industrial Lease in Troy, Michigan

by Kristin Harlow January 5, 2018

TROY, MICH. — Bontaz Centre has signed a 40,000-square-foot industrial lease for its North American headquarters in Troy. Previously occupied by International Automotive Components, the property is located at 1099 Chicago Road. Founded in 1965, Bontaz Centre is an automotive fluid management company that specializes in subassembly design and production. The company, which has had a small presence in Madison Heights, will begin occupying the new space in March 2018 and expects to expand its lease by an additional 20,000 square feet to increase production processes and accommodate a growing workforce. Peter Kepic and Peter Kepic Jr. of Colliers International represented the landlord, John Secco of Allegra Development, in the lease transaction. Gary Grochowski and Bryan Barnas of Colliers represented the tenant.

January 5, 2018

Loans Michigan Midwest Seniors Housing

Cohen Financial, Pillar Arrange $11.5M in HUD Loans for Seniors Housing Properties in Michigan

by Kristin Harlow January 3, 2018

ALLEGAN AND OWOSSO, MICH. — Cohen Financial and Pillar, both divisions of SunTrust Bank, have arranged $11.5 million in HUD loans for the refinancing of two seniors housing properties in Michigan. Cathy Bronkema of Cohen Financial and Joshua Hausfeld of Pillar arranged a $6.5 million loan for Oliver Woods Retirement Village, an 80-unit property in Owosso. They also secured a $5 million loan for Briarwood Assisted Living, a 39-unit property in Allegan. The borrower is a Grand Rapids-based senior living property owner and operator. The SunTrust/Pillar healthcare financing platform can meet borrowers’ financing needs from bridge financing to long-term, fully amortizing loans, according to Bronkema.

January 3, 2018

Michigan Midwest Retail

BlackBird East to Open 2,744 SF Retail Store in Grand Rapids, Michigan

by Kristin Harlow January 3, 2018

GRAND RAPIDS, MICH. — BlackBird East will open a retail store in the Gas Light Village district of Grand Rapids. The men and women’s clothing store will occupy 2,744 square feet at 2166 Wealthy St. Renovations are currently being made to transform the space from a gym to the retail shop. BlackBird East anticipates opening by early March 2018. Bill Tyson of NAI Wisinski of West Michigan represented the landlord in the lease transaction. Dave Kwekel of Dave Kwekel Development LLC represented the tenant.

January 3, 2018

Michigan Midwest Retail

Regency Properties Acquires Two Shopping Centers in Michigan Totaling 115,623 SF

by Kristin Harlow December 21, 2017

CARO, MICH. — Regency Properties has acquired Caro Centre and Sugarcreek Plaza in Caro, located east of Saginaw in Michigan’s Thumb region. The sales price and seller were not disclosed. The 71,706-square-foot Caro Centre is home to tenants including Family Dollar, Peebles, Goodwill and Caro Ace Hardware. Regency Properties plans to invest approximately $200,000 to renovate the property’s façade. Sugarcreek Plaza totals 43,916 square feet and is home to two tenants — Tractor Supply Co. and Save-A-Lot. In addition, the property includes a nearly one-acre outlot that is available for development.

December 21, 2017

Michigan Midwest Retail

Mid-America Arranges Sale of 273,029 SF Retail Center in Livonia, Michigan

by Kristin Harlow December 20, 2017

LIVONIA, MICH. — Mid-America Real Estate Corp. has arranged the sale of Millennium Park shopping center, a 273,029-square-foot retail center in Livonia, a suburb of Detroit. Grand Sakwa Properties acquired the asset for an undisclosed price. Ben Wineman of Mid-America arranged the transaction on behalf of the seller, Ramco-Gershenson Properties Trust. Millennium Park shopping center is home to tenants including The Home Depot, Marshalls, Michaels, PetSmart and Ulta Beauty. Costco and Meijer anchor the center.

December 20, 2017

Loans Michigan Midwest Multifamily

Pillar Originates $10.3M HUD Loan for Refinancing of Multifamily Property in Suburban Detroit

by Kristin Harlow December 19, 2017

OAK PARK, MICH. — Pillar Financial, a division of SunTrust Bank, has originated a $10.3 million HUD 223(f) loan for the refinancing of Oaks on Lincoln in Oak Park, a suburb of Detroit. The 120-unit apartment property features two- and three-bedroom units up to 1,460 square feet. David Wilkins of Pillar originated the fully amortizing 35-year loan. The borrower, Kaftan Communities, will use the loan to renovate the kitchen in each unit and to make other significant improvements to the property in 2018. The improvements will enable the property to remain at market-rate rents, according to Pillar.

December 19, 2017

Hospitality Michigan Midwest

CBRE Arranges Sale of 129-Room Hotel in Lansing, Michigan

by Kristin Harlow December 11, 2017

LANSING, MICH. — CBRE Hotels has arranged the sale of the Courtyard by Marriott Lansing for an undisclosed price. The 129-room hotel is located at 2710 Lake Lansing Road near the Michigan State University campus and Capital Region International Airport. Amenities include an indoor heated pool, fitness center and pet-friendly rooms. Nate Sahn of CBRE represented the seller, Lansing-based Wickens Group. Lansing Hotel Owners LLC, an affiliate of the Banyan Investment Group, purchased the property.

December 11, 2017

Hospitality Market Reports Michigan Midwest Midwest Market Reports

Wave of New Hotel Supply in Metro Detroit Reflects Improved Economic Fortunes

by Kristin Harlow December 7, 2017

The Detroit metropolitan area has experienced significant economic growth in recent years, fueled by a strengthening auto industry as well as the continued diversification of the local employment landscape. The hotel sector is benefitting from existing employers expanding operations locally and new entrants to the market. The Big Three automakers continue to invest in the region, while companies like e-commerce giant Amazon.com Inc. are building large warehouse facilities. Revenue gains for hotels were accordingly robust during the 2010–2016 period. Revenue per available room (RevPAR) during that stretch grew nearly 71 percent, rising from a low of roughly $38 in 2009 at the depths of the Great Recession to over $64 by year-end 2016. Both the average daily rate (ADR) and occupancy have posted consistent gains since 2010. Moreover, hoteliers sold a record number of room nights in the city of Detroit in 2016, according to STR. Occupancy levels approached 70 percent by the end of 2016, with ADRs of nearly $150 in the central business district (CBD). The data for 2017 show a relatively stable occupancy level with robust gains in ADR. The record performance achieved in this expansionary period has spurred tremendous hotel development in the downtown core and …

December 7, 2017

Loans Michigan Midwest Multifamily

CBRE Arranges $31M Refinancing for Apartment Property in Kalamazoo, Michigan

by Kristin Harlow December 6, 2017

KALAMAZOO, MICH. — CBRE has arranged a $31 million Freddie Mac loan for the refinancing of Candlewyck Apartments in Kalamazoo. The 487-unit apartment property is located at 132 Candlewyck Drive. Jason Brown and Dan Gable of CBRE arranged the loan on behalf of Zidan Management Group. The loan features a fixed rate of 4.13 percent and is amortized over 30 years. The borrower received an interest rate reduction from Freddie Mac in exchange for a commitment to invest approximately $225,000 in energy-saving improvements to the property.

December 6, 2017

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