HASLETT, MICH. — Pillar, a Guggenheim Partners affiliate, has originated an $8.7 million 223(f) HUD Loan for Benson Hills Apartments and Townhomes in Haslett, a suburb of East Lansing, Mich. The borrower is MF Capital LLC. The property features 226 one- and two-bedroom apartment units. David Wilkins of Pillar originated the fixed-rate, 35-year loan, which features a 35-year amortization schedule. Kevin Kovachevich of Bernard Financial brokered the financing.
DETROIT — Bernard Financial Group has arranged a $6.8 million HUD loan for the Moon Building on Woodward Avenue in downtown Detroit. The property features 42 apartment units and 5,000 square feet of retail space. The borrower is Moon Building at Merchants Row. Proceeds from the loan will be used to restore the building, as well as construction projects. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan.
STURGIS, MICH. — Park Place Real Estate and Cherney Associates have brokered the sale of a retail property located on Centreville Road in Sturgis, near the Michigan-Indiana state line. The 12,000-square-foot property is currently leased to three tenants: two national credit retailers and one locally owned restaurant. Nancy Fish of Park Place and Charles Cherney of Cherney Associates represented the undisclosed seller, while Maxwell Commercial represented the undisclosed buyer in the transaction. The sales price was not released.
ORION TOWNSHIP, MICH. — Bernard Financial Group has arranged a $24 million non-recourse loan for Orion Commerce Center in Orion Township. Located off I-75, the property features 890,000 square feet of warehouse/distribution space. Ashley Capital LLC is the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group arranged the loan through a national CMBS lender.
A trifecta shaped by six years of a bull market, historically low interest rates and oil around $50 a barrel is benefitting one business sector arguably more than any other industry in the United States: automotive. Researcher AutoData Corp. estimates that, seasonally adjusted, the annual vehicle sales rate topped 17.1 million in March of this year, indicating the industry is on pace to have its best year in more than a decade. Further, the industry’s 5.6 percent sales increase in the first quarter has come entirely on gains of sales of trucks and sport-utility vehicles, two categories that do well when gas prices are low. Ford Motor Co. is forecasting that between 17 million and 17.5 million light vehicles — from all automakers — will be sold in the United States this year. The estimate is similar to competitor estimates. If it comes to pass, 2015 would be the best year for unit sales since 2006. Approximately 16.5 million cars and light trucks were sold nationally in 2014, according to AutoData. Consequently, it has been shocking to see how quickly so many vacant Detroit industrial buildings have been occupied in such a short period of time. Vacancy Rates Tumble The …
DAVISON, MICH. — Bernard Financial Group has arranged a $1.1 million loan for Rising Estates, a multifamily property in Davison. The borrower is Rising Estate LLC. Dave Dismondy of Bernard Financial originated the loan, which was provided by Assurity Life Insurance Co.
DETROIT — Bernard Financial Group has arranged a $4.7 million non-recourse loan for Clark Street Industrial, a 147,000-square-foot industrial property located in Detroit. The borrower is Clark Street Redevelopment One LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group arranged the CMBS loan.
BLOOMFIELD HILLS, MICH. — Bernard Financial Group has arranged an $8.6 million loan for the refinancing of New Bloomfield Plaza in Bloomfield Hills. Located on Telegraph Road, the property offers 167,150 square feet of retail space. Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, New Blooomfield Plaza LLC. The lender was One America.
WESTLAND, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of an industrial building located at 38309 Abruzzi Drive in Westland. Abruzzi Properties LLC sold the 14,200-square-foot property to Sriraj Holding LLC for an undisclosed price. Canada-based NutraNorth, a manufacturer and packager of vitamins and supplements, is the parent company of the buyer. This acquisition is the company’s first American venture. Bob Frank of Friedman represented the seller in the transaction.
LATHRUP VILLAGE, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of an office building located at 26221 Southfield Road in Lathrup Village. Williamsburg LLC sold the property, which is located within Williamsburg Plaza South, to Dr. Quadir Jaleel of OMJ Building LLC for an undisclosed price. Dan Verderbar of Friedman represented both the seller and buyer in the transaction.
