CHICAGO — KeyBank Real Estate Capital has arranged a $334.4 million Fannie Mae credit facility for Enlivant, a Chicago-based owner and operator of senior care facilities across the United States. The loan was arranged for 54 assisted living properties in 12 states including Iowa, Indiana, Kentucky, Michigan, Nebraska, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Washington and Wisconsin. The new loan structure provides Enlivant with access to growth capital at attractive rates during the 10-year term. Key’s Healthcare Mortgage Banking Team was led by Carolyn Nazdin and Charlie Shoop and worked in conjunction with Fannie Mae to originate and close the loan in less than 60 days.
DETROIT — Bernard Financial Group has arranged a $125 million CMBS loan for the acquisition of the Compuware Building, a 15-story, 1 million-square-foot office tower located at One Campus Martius in downtown Detroit. The acquisition includes an adjacent 10-story parking garage with 2,700 spaces. The borrowing entity is 1000 Webward LLC, a joint venture between Bedrock Real Estate Services and Meridian Health Plan. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan.
EAST LANSING AND WHITE LAKE, MICH. — Pillar, a Guggenheim Partners affiliate, has originated $8 million in loans for two multifamily properties located in Michigan. David Wilkins of Pillar’s Bloomfield Hills office originated the loans. Pillar has secured a $5.9 million HUD 223(f) refinancing for Homestead Apartments in East Lansing using HUD’s interest rate reduction program. The property is located near Michigan State University and U.S. Interstate 127. Homestead Apartments consists of 168 one- and two-bedroom apartment units with assigned covered parking. The property is fully leased at market rates. Wilkins also originated a $2.2 million non-recourse, long-term fixed rate CMBS loan through Pillar’s Small Balance Loan program to refinance the Lakeshore Hilltop Apartments for Fountainhead Properties. The property is located in White Lake on M-59 and features 60 renovated units, which include a view of the lake.
VASSAR, MICH. — Gerdom Realty & Investment has arranged the sale of 6,800-square-foot Vasssar Theatre in Vassar. The one-screen, 371-seat movie theater located on Huron Avenue was originally built in 1937 and restored in 2005. The Vasssar Theatre was fully converted to digital movie presentation in 2013. The new owner, Andreas Fuchs of Creative Cinema who is a theatrical exhibition consultant and analyst/reporter, plans to reopen the property this year. Tjader Gerdom of Gerdom Realty & Investment represented the seller’s estate and procured the buyer in the sale.
WESTLAND, MICH. — Marcus & Millichap has arranged the $15.2 million sale of Cherry Hill Marketplace, a 120,568-square-foot shopping center in Westland, approximately 16 miles west of Detroit. Cherry Hill Marketplace is located at 124-210 S. Merriman Road. Kroger anchors the shopping center. Other tenants include Kroger Fuel, CVS, Ace Hardware, Advance America, Great Clips and H&R Block. The property was 84 percent occupied at the time of sale. Steven Siegel of the Marcus & Millichap’s Manhattan office, and Simon Jonna and Ashish Vakhariya of the firm’s Detroit office represented the institutional seller and procured the buyer, also an institution.
TAYLOR, MICH. — Burger & Co. has arranged the lease of a 60,000-square-foot industrial building in Taylor, approximately 19 miles south of Southfield. The building is located on Trolley Drive. Paul Burger of Burger & Co. represented the landlord, Rea Construction Co.
STERLING HEIGHTS, MICH. — NorthMarq Capital has secured $34.6 million in refinancing for Lakeside Terrace Apartments, a 438-unit multifamily property located in Sterling Heights. The 10-year loan includes a 30-year amortization schedule. NorthMarq Capital’s Charlotte office arranged financing for the undisclosed borrower through its seller/servicer relationship with Freddie Mac.
LATHRUP VILLAGE, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of Southfield 12 Plaza, a 24,112-square-foot office building in Lathrup Village, a suburb of Southfield. The property is located at 28600 – 28690 Southfield Road. Lathrup Properties Inc. sold the building. David Cohen of Friedman represented the undisclosed buyer in the transaction.
NOVI, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of Premier Medical Office, a 44,833-square-foot medical/office building located at 44000 W. 12 Mile Road in Novi. Griffin-American Healthcare REIT III Holdings LP purchased the property for an undisclosed sales price. Built in 2006, the two-story building is occupied by a collection of physician practices. Barry Swatsenbarg and Richard Deptula of Friedman represented the seller and the buyer in the transaction.
FREELAND, MICH. — The Boulder Group has arranged the $2.6 million sale of a single-tenant FedEx property located at 8273 Garfield Road in Freeland. The 27,000-square-foot FedEx was built in 1991. FedEx is located along Garfield Road, the main thoroughfare between the MBS Airport Terminal and US-10. The property includes 4,000 square feet of office space and 23,000 square feet of warehouse/distribution space with 16-foot clear height ceilings. FedEx has 11 years remaining on their lease, which expires June 30, 2026. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private real estate investor. A Florida-based private investor purchased the property.