Michigan

Residence Inn by Marriott Opens 110-Room Hotel in Ann Arbor

by Christina Cannon October 20, 2015

ANN ARBOR, MICH. — The Residence Inn Ann Arbor Downtown, part of the Marriott brand of hotels, has opened its doors. The six-story, 110-room hotel is located at 120 W. Huron St. First Martin Corp. developed the property, and First Hospitality Group Inc. is the management firm. According to Crain’s Detroit Business, the hotel anchors a $20 million mixed-use project. The hotel consists of 75 studio units, 20 one-bedroom units and 15 panoramic suites. The project also includes 6,000 square feet of retail space, which Colliers International is in charge of leasing up. The Residence Inn Ann Arbor Downtown is situated on the former site of the Ann Arbor Area Convention and Visitors Bureau building and the neighboring Greyhound Bus Depot. Amenities include in-suite kitchens, an indoor heated pool, a fitness center, complimentary breakfast, grocery delivery, shuttle service and Wi-Fi.

October 20, 2015

Michigan Midwest Mixed-Use

McCormack Baron Salazar to Break Ground on $65M Mixed-Use Project in Detroit

by Christina Cannon October 19, 2015

DETROIT — McCormack Baron Salazar Development Inc. will break ground on Orleans Landing near Detroit’s central business district this Tuesday, Oct. 20. The new mixed-use community will be situated on approximately eight acres adjacent to the Detroit River Walk and the Dequindre Cut Greenway. The first phase will include 278 apartments — 20 percent of which will be held for “affordable income” residents — and 10,000 square feet of retail, according to the Detroit Free Press. The development will include a mix of one- and two- bedroom homes, flats, lofts and townhomes. The $65 million project was financed through a combination of conventional FHA 221 (d) 4 debt, a two-tier equity structure and public funds. Hamilton Anderson Associates Inc. is the architect. Urban Design Associates is serving as the master planner. O’Brien Edwards and Brinkman Constructors is the general contractor. McCormack Baron Management Inc. will serve as the property manager upon completion. The project is slated for completion in April 2017. According to Crain’s Detroit Business, plans for a second phase of the development call for about 230 more rental units and additional retail space.

October 19, 2015

Loans Michigan Midwest Multifamily Student Housing

Latitude Management Closes Senior Bridge Loan for 65-Unit Student Housing Complex in Grand Rapids, Michigan

by Christina Cannon October 16, 2015

GRAND RAPIDS, MICH. — Latitude Management, which specializes in providing short-term, floating-rate loans to middle-market commercial real estate sponsors, has closed on a senior bridge loan for a student housing complex, The Lofts at 5 Lyon, in Grand Rapids. The loan was used for the acquisition, renovation and conversion of a multifamily property into student housing. Renovations at the 65-unit, 175-bed property include interior unit upgrades, aesthetic improvements and the addition of common areas. The housing complex is fully occupied. The loan was originated out of Latitude Management’s third discretionary debt fund, Latitude Management Real Estate Capital III.

October 16, 2015

Michigan Midwest Retail

Friedman Brokers Sale of 9,080 SF Retail Building in Detroit Suburb

by Christina Cannon October 15, 2015

WYANDOTTE, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 9,080-square-foot retail building located at 1079-1081 Fort St. in Wyandotte, a southern Detroit suburb. Emanuel and Joy Pasquini LLC sold the building to Wheeler’s Complete Auto Care for an undisclosed price. Wheeler’s Complete Auto Care is currently located in Lincoln Park, and the property was purchased for business expansion. Greg Hornby of Farmington Hills, Mich.-based Friedman represented both the buyer and seller in the transaction.

October 15, 2015

Loans Michigan Midwest Retail

Bernard Financial Arranges $4.3M Loan for Retail Property in Traverse City, Mich.

by Christina Cannon October 13, 2015

TRAVERSE CITY, MICH. — Bernard Financial Group has arranged a $4.3 million loan for Airport 31 Retail Center. The 65,000-square-foot space is located in Traverse City. Airport 31 LLC is the borrowing entity. Assurity Life Insurance Co. is the lender, and Bernard Financial Group will service the loan. Dave Dismondy of Bernard Financial originated the loan.

October 13, 2015

Michigan Midwest Retail

Mid-America Negotiates Two Retail Leases Totaling 28,146 SF in Michigan

by Christina Cannon October 13, 2015

JACKSON AND GRAND RAPIDS, MICH. — Mid-America Real Estate-Michigan has negotiated two retail leases totaling 28,146 square feet. Party City has inked a deal for a 25,746-square-foot freestanding building located at 1510 North West in Jackson. The lease term is for 10-years. Brad Rosenberg, Tony Schmitt and Adam Goodman of Mid-America represented Party City in the transaction. CBRE represented the landlord who is undisclosed. Potbelly Sandwich Shop signed a 10-year, 2,400-square-foot lease in Knapp’s Crossing in Grand Rapids. Rosenberg and Goodman represented Potbelly. The landlord in the transaction is undisclosed.

October 13, 2015

Michigan Midwest Multifamily

Hunter Pasteur Homes Breaks Ground on 92-Unit Condominium Complex in Ann Arbor

by Christina Cannon October 13, 2015

ANN ARBOR, MICH. — Hunter Pasteur Homes recently broke ground on a new condominium community in Ann Arbor. Arbor Chase will consist of 12 buildings with a total of 92 condominiums. Each building will feature up to eight units with sizes ranging from 1,290 square feet to 1,550 square feet. Each unit will include two bedrooms and up to two-and-a-half baths. Amenities include private entrances, private parking, updated flooring, granite countertops, tiled showers and studio ceilings on the second floor. Sales prices range from $225,000 to $255,000 per unit. Completion of the first buildings is slated for early 2016.

October 13, 2015

Loans Michigan Midwest Multifamily Seniors Housing

Silver Arch Closes $4.75M Refinancing for Assisted Living Facility in Michigan

by Christina Cannon October 7, 2015

LAKE CITY, MICH. — Silver Arch Capital Partners has closed a $4.75 million loan for the owner/operator of Belle Oakes Living Center, a 48-unit, 32,000-square-foot assisted living facility on 20 acres in Lake City, approximately 40 miles southeast of Traverse City. The loan is a refinancing of an existing mortgage, which will help the community pay off debt incurred as part of an 11-unit expansion. Constructed in 2002 and renovated in 2012, Belle Oakes is situated in Missaukee County, in Michigan’s lower peninsula. Silver Arch Capital Partners is a private commercial real estate lender based in New Jersey.

October 7, 2015

Michigan Midwest Retail

NAI Wisinski of West Michigan Arranges 7,784 SF Flex Lease in Portage, Mich.

by Christina Cannon October 6, 2015

PORTAGE, MICH. — NAI Wisinski of West Michigan has arranged a 7,784-square-foot retail lease at a property located at 832 Lenox Ave. in Portage, approximately seven miles south of Kalamazoo. ServePro of East and West Kalamazoo is the tenant. Stancati & Lambright LLC is the landlord. The flex space, which is under renovation, is slated to open Dec. 1. ServePro is a nationwide fire and water cleanup and restoration business. Marc Tourangeau of NAI Wisinski represented the tenant and the landlord in the transaction.

October 6, 2015

Healthcare Michigan Midwest

Henry Ford Health System Plans $110M Cancer Center in Detroit

by Christina Cannon October 1, 2015

DETROIT — The Henry Ford Health System has begun planning a new $110 million cancer center as part of its $500 million expansion and improvement of 300 acres in Detroit. The 144,000-square-foot cancer center will be five stories and include a rooftop garden and skywalk to connect it to Henry Ford Hospital. Completion is slated for summer 2018. Site planning for the facility will be completed by the end of the year. Groundbreaking is slated for spring of 2016. The cancer center will anchor Henry Ford Hospital’s South Campus expansion project. The 10- to 15-year vision for the expansion project includes adding green space and commercial, retail and housing developments. Clinical and support services for each type of cancer diagnosis will be located on the same floor in the new facility, offering a multidisciplinary experience to patients. Surgery will continue to be performed at Henry Ford Hospital. The facility will be funded by internal and philanthropic support.

October 1, 2015

Newer Posts

Older Posts