TAYLOR, MICH. — Bernard Financial Group has arranged a $6 million loan to refinance Taylor Park Townhomes in Taylor, approximately 20 miles southwest of Detroit. Taylor Park Townhomes boasts a total of 235 rental units and consists of 14 two-story buildings. The complex was built in 1968 and is situated on 12.9 acres. Taylor Park Apartments Limited Partnership is the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial placed the financing with a CMBS lender.
GRAND BLANC, MICH. — Bernard Financial Group has arranged a $14.5 million loan to refinance a 220-unit luxury apartment community in Grand Blanc, approximately eight miles south of Flint. Gateway Apartments of Grand Blanc offers six different floor plans and is situated on 21.9 acres. Gateway Apartment Company No. 1 LLC was the borrowing entity. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the CMBS loan. Built in 2003, the apartment community features amenities such as a business center, clubhouse, fitness center, playground, swimming pool, tennis court, extra storage and covered parking. Apartment amenities include kitchen appliances, washers and dryers, vaulted ceilings, large closets and balconies or patios. Gateway Apartments of Grand Blanc is located at 5220 Baldwin Road.
FARMINGTON HILLS, MICH. — Compatriot Capital Inc. has acquired Jonathan Holtzman’s remaining ownership interest in Village Green Holding, a privately held developer, owner and manager of apartment properties headquartered in Farmington Hills. Compatriot Capital and Village Green had been co-owners of the company since 2011. Holtzman stepped down as chairman and CEO but acquired a majority ownership in select apartment communities owned by Village Green. Village Green will retain its name and maintain its property management, acquisition and development business model. Village Green, established in 1919, manages $4.5 billion in real estate assets and approximately 40,000 units at more than 150 properties. Headquartered in Dallas, Texas, Compatriot directs the real estate investment strategy for Sammons Enterprises Inc., a global holding company with assets in excess of $71 billion.
ANN ARBOR, MICH — Lowe Enterprises Investors (LEI), in a joint venture with a foreign investment client, has acquired the 149‐room Hampton Inn Ann Arbor for an undisclosed price. LEI plans to renovate the guest rooms, bathrooms and fitness center. Amenities at the hotel, located at 925 Victors Way, include an indoor pool and spa tub, fitness center, complimentary hot breakfast and a 24-hour business center. Hodges Ward Elliott represented the undisclosed seller in the transaction.
LINCOLN PARK AND INKSTER, MICH. — Revere Capital has provided a $4.8 million acquisition loan for two multifamily properties in Southeast Michigan. Cherry Hill Club Apartments is a 154-unit complex in Inkster, approximately 17 miles west of Detroit. Located at 209 Cherry Hill Trail, Cherry Hill Club Apartments features on-site management, extra storage, a clubhouse, laundry facility and a swimming pool. Village Green of Lincoln Park is a 106-unit property, located at 1369 Fort St. in Lincoln Park, approximately 13 miles southwest of Detroit. The community features amenities such as a fitness center with saunas, laundry facility, swimming pool and picnic areas. The undisclosed borrower also utilized 1031 exchange proceeds to buy the apartment properties.
OXFORD, MICH. — Pillar has originated an $11.5 million Freddie Mac acquisition loan for a manufactured housing community in Oxford, approximately 45 miles north of Detroit. Lake Villa Estates was built in 1973 and 1993. The property, situated on 174 acres, features 852 sites. The community is comprised of 60 percent double-wide homes and 40 percent single-wide homes. Lake Villa Estates was 58 percent occupied at time of close. Arthur Tuverson of Pillar originated the seven-year, adjustable-rate financing.
HOLLAND, MICH. AND GOSHEN, IND. — Marcus & Millichap has brokered the sale of two Midwest retail properties for $36 million. In the first deal, the buyer purchased Felch Street Shopping Center, a 164,181-square-foot property in Holland, Mich. The Felch Street Shopping Center is shadow-anchored by Lowe’s. Other tenants include Barnes & Noble, Bed Bath & Beyond, Office Max, Old Navy, Party City, Shoe Carnival, T.J. Maxx, JoAnn Fabrics, Ulta and Jonathan Stevens Mattress. In the second deal, Willow Lakes Plaza was sold. The 139,141-square-foot center is located in Goshen, Ind. Willow Lakes Plaza is situated on a 14.8-acre site and features tenants such as Bath & Body Works, Kohl’s, Michaels, OfficeMax and Rue21. The center is shadow-anchored by Target. Simon Jonna and Raymond Jonna of Marcus & Millichap represented the seller in the transactions. The buyers and sellers in both transactions were undisclosed.
FLINT, MICH. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired a portfolio of four assisted living and memory care communities in the greater Flint area for a total of $30.8 million. Flint is located approximately 70 miles northwest of Detroit. The four properties include The Pines of Clarkston, a 46-unit community in Clarkston; The Pines of Goodrich, a recently completed, 40-unit community in Goodrich; The Pines of Burton, a 62-unit community in Burton; and The Pines of Lapeer, a 40-unit community in Lapeer. Premier Senior Living LLC took over operations of all four communities effective June 1. The communities were added to an existing master lease with CareTrust, which already included two recently acquired communities in North Carolina. The $30.8 million purchase price included transaction costs. The communities produce approximately $2.7 million per year under the terms of the lease. CareTrust funded the acquisition with proceeds from its recent 8.5 million-share equity offering in March.
LANSING, MICH. — Pillar has originated an $8.5 million fixed-rate, Freddie Mac loan to refinance a 136-unit multifamily property in Lansing. Willow Ponds Apartments was built in 1998 and is fully leased. The property consists of two-, three- and four-bedroom units. The financing features a 10-year term and 30-year amortization schedule. Maplegrove Property Management of East Lansing and Grand Rapids, Michigan was the borrower. David Wilkins of Pillar arranged the financing.
EAST LANSING, MICH. — WestPac Campus Communities has sold The Rocks, a 376-bed student housing community located 2.5 miles north of the Michigan State University campus in East Lansing. The project was built in 2015 and is currently over 95 percent pre-leased for the upcoming school year. Triad Real Estate Partners represented the seller in the off-market transaction. An affiliate of TIAA acquired the property.
