Michigan

KeyBank Provides $142.4M Financing for Six-Property Affordable Housing Portfolio in Texas, Florida, Midwest

by Kristin Harlow July 14, 2017

TEXAS, FLORIDA, WISCONSIN AND MICHIGAN — KeyBank Real Estate Capital has provided $142.4 million in loans for a six-property affordable housing portfolio across Texas, Florida and the Midwest region. The loans were used for a variety of purposes, including refinancing, acquisitions and renovations. KeyBank provided $115.7 million in Fannie Mae loans for Limestone Canyon, a 260-unit apartment complex, and Parkside Crossing, a 218-unit apartment complex, both located in Austin, Texas; Sendero Ridge, a 384-unit apartment property located in San Antonio, Texas; Arcade Apartments, a 75-unit apartment building in Racine, Wis.; and Pasco Woods, a 200-unit complex in Wesley Chapel, Fla. All properties reserve at least 50 percent of units for tenants making 60 percent or less of the area median income. KeyBank provided an additional $14.8 million bridge-to-HUD loan for Lakestone Apartments in Ann Arbor, Mich. The 144-unit property consists of one-, two- and three-bedroom units designated for those earning 50 to 60 percent of the area median income. Built in 1998, the apartment building features amenities such as a clubhouse, pool, recreation center, basketball court, computer center and laundry facilities. Harmony Housing, a nonprofit organization, was the borrower. KeyBank also provided an $11.9 million loan to the organization to …

July 14, 2017

Healthcare Michigan Midwest

Marcus & Millichap Brokers $30M Sale of Three Medical Office Buildings in Michigan

by Kristin Harlow July 10, 2017

BATTLE CREEK, LAKE ORION AND WASHINGTON, MICH. — Marcus & Millichap has brokered the sale of three medical office buildings in Michigan for nearly $30 million. Brookside Medical Center, totaling 46,194 square feet, is located in Battle Creek, about 25 miles east of Kalamazoo. Brookside Surgery Center anchors the building. Bald Mountain Medical Complex, totaling 55,591 square feet, is located in Lake Orion, about 40 miles north of Detroit. St. Joseph Mercy Hospital, a wholly owned subsidiary of Trinity Health, anchors the building. The 37,425-square-foot Orchard View Medical Complex is located in Washington, about 35 miles north of Detroit. Henry Ford Health System, which offers urgent care, orthopedic/family medicine services, on-site pharmacy and oral surgery services, has anchored the building since construction was completed in 2008. Seth Haron and Ashish Vakhariya of Marcus & Millichap marketed the three properties for sale on behalf of the various sellers.

July 10, 2017

Loans Michigan Midwest Multifamily

Love Funding Provides $33.3M Construction Loan for Apartment Community in Detroit Suburb

by Kristin Harlow July 7, 2017

NOVI, MICH. — Love Funding has provided a $33.3 million loan for the construction of Manchester, a 172-unit apartment community in Novi, a suburb of Detroit. The 23-building property will feature two- and three-bedroom townhome units. Fairview Construction is building the development, while Alexander V. Bogaerts & Associates provided design services. KMG Prestige will manage the property. Bruce Gerhart of Love Funding originated the 40-year loan through the HUD 221(d)(4) loan insurance program. Real estate developers Michael and Carolina Furnari and James George were the borrowers.

July 7, 2017

Loans Michigan Midwest Multifamily

Greystone Provides $79M in HUD-Insured Loans for Multifamily Portfolio in Michigan

by Kristin Harlow June 29, 2017

MICHIGAN — Greystone has provided 13 HUD-insured loans totaling $79 million for the refinancing of The Altman Cos.’ multifamily portfolio in Michigan. The loans feature long-term, fixed-rate financing. The 13 properties are a blend of market rate and Section 8 housing units. The buildings are located throughout the state, from the Upper Peninsula to Roseville, about 18 miles north of Detroit. In addition to The Altman Cos.-owned properties, the refinanced portfolio includes one property owned by a private real estate group and two affordable housing communities, Charter Square and Green Hill apartments, which are owned by The Boys & Girls Club Non-Profit Housing Corp., with the proceeds going to The Boys & Girls Club of Lansing.

June 29, 2017

Michigan Midwest Office

Marcus & Millichap Arranges Sale of 153,279 SF Office Building in Detroit

by Kristin Harlow June 29, 2017

DETROIT — Marcus & Millichap has arranged the sale of Orchestra Place in Detroit for an undisclosed price. The five-story, 153,2790-square-foot office building is located at 3663 Woodward Ave. next to the Detroit Symphony Orchestra building. Built in 1997, the property is within walking distance of Wayne State University and the Detroit Medical Center. John Godwin of Marcus & Millichap represented the seller, a Detroit-area non-profit. He also procured the buyer, a regional investment group.

June 29, 2017

Michigan Midwest Office

Hayman Co. Acquires 732,000 SF Office Property in Troy, Michigan for $55M

by Kristin Harlow June 28, 2017

TROY, MICH. — Hayman Co. has acquired the Troy Officentre in Troy for $55 million. The 732,000-square-foot, five-building office property is located along East Big Beaver Road about 22 miles north of Detroit. Hayman Co. will manage and lease the building, as well as serve as construction manager for the nearly $10 million building enhancements, signage improvements and exterior property upgrades. Planned improvements to the property include new elevators, roof replacements, upgrades to the parking deck and landscaping enhancements. The company is also planning additional amenities, including a dog day care and food and beverage options. The complex is 83 percent occupied and home to tenants such as J.D. Power & Associates, St. John Providence, Urban Fulfillment Services, General Physics Corp. and Dialog Direct. A subsidiary of Osprey S.A. Ltd. was the seller.

June 28, 2017

Hospitality Michigan Midwest

CBRE Arranges Sale of 90-Room Courtyard by Marriott in Brighton, Michigan

by Kristin Harlow June 28, 2017

BRIGHTON, MICH. — CBRE Hotels has arranged the sale of the Courtyard by Marriott Detroit Brighton located about 45 miles northwest of Detroit. The sales price was not disclosed. The 90-room hotel, located at 7799 Conference Center Drive, was recently renovated. Nate Sahn and Drew Noecker of CBRE represented the undisclosed seller in the transaction. Bright Lodge Inc. purchased the hotel.

June 28, 2017

Loans Michigan Midwest Multifamily

Arbor Provides $16.5M Loan for Refinancing of Apartment Property in Lansing, Michigan

by Kristin Harlow June 27, 2017

LANSING, MICH. — Arbor Realty Trust Inc. has provided a $16.5 million loan for the refinancing of Towne Square Apartments in Lansing. Formerly known as College Towne West, the property features 532 units. The property is located near Michigan State University and includes amenities such as a sauna and tanning bed. Michael Jehle of Arbor originated the loan, which features a 29-year amortization schedule.

June 27, 2017

Industrial Michigan Midwest

R & E Automated Systems Signs 101,297 SF Industrial Lease in Romeo, Michigan

by Kristin Harlow June 26, 2017

ROMEO, MICH. — R & E Automated Systems has signed a 101,297-square-foot industrial lease in Romeo, about 40 miles north of Detroit. The facility is located at 70701 Powell Road. R & E Automated Systems, which works in automation, engineering and prototypes supporting the aerospace and automotive industries, is expanding to support the growth of its corporate headquarters in Macomb Township, Michigan. Jason Capitani and Joseph E. DePonio of L. Mason Capitani CORFAC International represented the landlord, Four Star Realty LLC, in the lease transaction.

June 26, 2017

Michigan Midwest Office

Farbman Group Completes Renovation of Office Property in Southfield, Michigan

by Kristin Harlow June 22, 2017

SOUTHFIELD, MICH. — Farbman Group has completed the renovation of Oakland Commons in Southfield that it owns and manages. A new fitness center and conference center were added to the two-building office property. The 24-hour fitness center includes elliptical machines, treadmills, weight machines, shower facilities and fitness classes for tenants. The conference center consists of mobile video screens, teleconferencing capabilities, a full kitchen for catered events and new office furniture. Other amenities at the property, located at 20700 and 20750 Civic Center Drive, include after-hours security with lobby attendant, a restaurant and onsite management.

June 22, 2017

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