REBusinessOnline

Dwight Mortgage Trust Provides $154.8M Bridge Loan for Michigan Multifamily Portfolio

DETROIT, LANSING AND GRAND RAPIDS, MICH. — Dwight Mortgage Trust, the mortgage REIT affiliate of Dwight Capital, has provided a $154.8 million bridge loan for the acquisition of a multifamily portfolio in Michigan. The properties include Capitol Village Apartments, Carriage Hill Apartments, Carriage Park Apartments, Macomb Manor Apartments, Newburgh Square Apartments and Northview Harbor Apartments. The garden-style apartment complexes, which are located in Detroit, Lansing and Grand Rapids, …

Seven Hills Realty Trust Originates $31.5M Acquisition Loan for Michigan Apartment Community

FARMINGTON HILLS, MICH. — Seven Hills Realty Trust has originated a $31.5 million bridge loan for the acquisition and repositioning of Summit Apartments in the Detroit suburb of Farmington Hills. The 154-unit apartment community is situated along Summit Drive. Seven Hills funded an initial advance of roughly $28.5 million at closing with future advances of up to $3 million available for capital expenditures. The floating-rate loan features a three-year term. Q10|Lutz Financial Services …

Lument Provides $13.5M Bridge Loan for Two Apartment Communities in Detroit

DETROIT — Lument has provided a $13.5 million bridge loan for the refinancing of two apartment communities in Detroit. Greatwater Opportunity Capital was the borrower. Selden Manor consists of 48 units within a four-story building, while Heather Hall includes 70 units across a 10-story building. Both properties were constructed in 1924. Greatwater acquired the assets in early 2020, at a time when they were in disrepair and had almost no occupants. The firm then completed $7.5 million in …

Merchants Capital Completes $214M Multifamily Mortgage Securitization

CARMEL, IND. — Merchants Capital has completed a $214 million CMBS securitization of 14 multifamily mortgage loans. The loans are secured by 24 mortgaged properties through a Freddie Mac-sponsored Q-series transaction. Freddie Mac securitizes multifamily loans via its Q Certificate structure. In this process, a lender sells its loans, after approval by Freddie Mac, to a third-party depositor who places them into a third-party trust, which issues private-label securities backed by the …

KIRCO Completes 140,000 SF Headquarters for Wacker Chemical Corp. in Ann Arbor

ANN ARBOR, MICH. — KIRCO has completed a new innovation center and regional headquarters for Wacker Chemical Corp. in Ann Arbor. The 140,000-square-foot project sits on 18 acres at 4950 S. State Road and represents a more than $50 million investment. Wacker chemists, scientists and senior leadership that previously worked out of separate Michigan locations are now able to collaborate in a single environment. The innovation center houses labs, open workspaces, a full-service cafeteria and a …

Detroit Wing Co. to Open 1,900 SF Restaurant in Lansing, Michigan

LANSING, MICH. — Detroit Wing Co. has leased a 1,900-square-foot space at 6527 S. Cedar St. in Lansing for a new restaurant location. Based in Eastpointe, Detroit Wing Co. opened in 2015 and offers homemade wings and 19 signature sauces. Jack Brown, Troy Yensen and Brandon Hess are franchising the new restaurant. Jeff Ridenour and Shawn O’Brien of Colliers Lansing represented the landlord, Wolverine Development Corp., which redeveloped the property about five years ago. Detroit Wing Co. …

Alliant Provides $16M Loan for Refinancing of Industrial Building in Sterling Heights, Michigan

STERLING HEIGHTS, MICH. — Alliant Credit Union has provided a five-year, $16 million loan for the refinancing of a 370,656-square-foot industrial building in Sterling Heights, about 20 miles north of downtown Detroit. The property includes 47,856 square feet of office space. The borrower was a private investor group that closed an original loan with Alliant in December

Developer Mark Bennett Breaks Ground on $150M Residential Project in Detroit’s Lafayette Park

DETROIT — Detroit developer Mark Bennett has broken ground on Lafayette West, a $150 million apartment and condominium project in Detroit’s historic Lafayette Park neighborhood. The 318-unit development will offer floor plans ranging in size from 436 to 1,223 square feet. Amenities will include a fitness center, pool, clubroom, coworking space and electric vehicle charging stations. Twenty percent of the 230 apartment units will be reserved as affordable housing. The starting price for the …

Nonprofit World Renew Opens New Headquarters in West Michigan

BYRON CENTER, MICH. — Nonprofit World Renew has opened a new headquarters at 8970 Byron Commerce Drive in Byron Center, about 13 miles south of Grand Rapids. World Renew works to end global poverty through food security, economic livelihoods, peace building and health. The organization also repairs homes after natural disasters and provides shelter, food and water to those who have lost their homes. The new headquarters is situated within a 31,000-square-foot building constructed by Pinnacle …

Bedrock Reveals New Renderings for Hudson’s Site Project in Detroit

DETROIT — Detroit-based developer Bedrock has revealed new renderings for its development on the site of the former Hudson’s department store in downtown Detroit. The renderings showcase the office, retail, event spaces, public rooftop amenities and public plaza spaces of the 1.5 million-square-foot mixed-use project. The second and third floors of the office portion have been designed to incorporate a 126,000-square-foot events and meeting venue. Overall, the development will include more …

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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