DEWITT, MICH. — Bernard Financial Group has arranged a $4.3 million in refinancing for Alana Woods Apartments, a 92-unit multifamily property located in DeWitt, near Lansing. Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Alana Woods Apartments LLC. Bernard Financial Group will be fully servicing the loan.
MEARS, MICH. — Signature Associates has brokered the sale of a retail building, located at 527 18th Ave. in Mears, approximately 25 miles south of Ludington near Lake Michigan. Northwind Construction acquired the 2,560-square-foot property for an undisclosed sum. Bryan Bench of Cushman & Wakefield |Signature Associates represented the seller, Cook’s Lakeside Marine & Repair Services, in the transaction.
UTICA, MICH. — Broad Reach Retail Partners LLC has added Shelby Corners Shopping Center, located at 13277 Hall Road in Utica, to its shopping center portfolio. The 327,946-square-foot center consists of two single-story strip centers situated between a Target and a parcel housing Buy Buy Baby and Christmas Tree Shops. Both Target and the parcel are not part of the transaction. At the time of acquisition, the property was 74.7 percent leased. The name of the seller and the purchase price were not released.
CLARKSTON, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of 54 approved lots located at 5470 Waldon Road in Clarkston. Julie Taylor sold the assets to Pinnacle North Ridge for an undisclosed price. Robert Hibbert of Friedman represented both the seller and buyer in the transaction.
LAKE ORION, MICH. — Bernard Financial Group has arranged a $5.7 million non-recourse loan for BKG Orion, a 115,545-square-foot office and industrial property located in Lake Orion. The borrower is BKGE Orion LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial, which will service the loan, arranged the financing, which was provided by a national CMBS lender.
FARMINGTON HILLS, MICH. — Southfield, Mich.-based NAI Farbman Group has acquired an office building located at 27777 Inkster Road in Farmington Hills for an undisclosed price. Situated on 35 acres, the property offers 275,000 square feet of Class A office space and ample parking. The former owner, TD Auto Finance, will continue to lease 155,000 square feet of the building.
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.