ANN ARBOR, MICH. — Archway Capital has provided a $4 million loan for the refinancing of a three-property student housing portfolio serving the University of Michigan in Ann Arbor. The portfolio totals 60 units. The borrower has owned the portfolio for more than 40 years. The two-year loan features a 50 percent loan-to-value ratio.
DETROIT — General Motors Co. (NYSE: GM) has announced plans to invest $918 million in capital improvements at four of its U.S. manufacturing plants. The initiative is designed to elevate the company’s production capacity for full-size trucks and sport utility vehicles while also establishing facilities that support the growth of GM’s electric vehicle (EV) divisions. The Detroit-based automotive giant is committing a total of $795 million to two of its Michigan facilities that will support the production of small-block V-8 engines. The company is investing $579 million at its plant in Flint, and the remaining $216 million will be allocated to GM’s facility in Bay City, where parts such as camshafts and connecting rods that support these engines will be assembled. GM is also investing $55 million in its manufacturing operations in Defiance, Ohio. Of this sum, $47 million will be used to prepare the facility for the manufacture of block castings to support future V-8 engine programs. In addition, GM will construct an $8 million casting development cell for future EV initiatives. Lastly, the company has earmarked $68 million for upgrades to its manufacturing facility in Rochester, New York. At this location, GM plans to invest $12 million to …
MIDLAND, MICH. — Berkadia has provided a $33.8 million Freddie Mac loan for the acquisition of a three-property multifamily portfolio totaling 449 units in Midland, a city in central Michigan. The communities within the portfolio include Mulberry Apartments, Robin Oaks and Perrine Pointe. According to Apartments.com, Mulberry Apartments and Robin Oaks were built in the late 1960s, while Perrine Pointe was constructed in 1945. Aaron Moll of Berkadia originated the loan on behalf of the buyer, Michigan-based LG Capital. Income Property Organization was the seller. Loan terms were not provided.
REDFORD, MICH. — DealPoint Merrill has acquired a 95,000-square-foot industrial facility in Redford, a western suburb of Detroit. The purchase price and seller were undisclosed. DealPoint Merrill plans a $9 million renovation that is expected to commence this quarter. David Frank and Sterling McGregor of DealPoint Merrill negotiated the transaction and handled the due diligence for the sale, respectively. Jason Limbert and Tyler Bendicksen of DealPoint Merrill completed the acquisition and underwriting, while Dave Rumsey of DealPoint Merrill’s capital markets division assisted with the equity-backed securities. Anthony Pellegrino III of P.A. Commercial represented the seller.
YPSILANTI, MICH. — Northmarq has arranged the $2.6 million sale of a single-tenant retail property located at 3100 Washtenaw Avenue in Ypsilanti, roughly five miles southeast of downtown Ann Arbor. AMERCO Real Estate Co. acquired the property, which sits on 11 acres and totals 91,743 square feet. Isaiah Harf of Northmarq’s Chicago office represented the seller, a New York-based institutional investor. Neighboring tenants include Fresh Thyme Market, Dollar General, Planet Fitness, Domino’s and Walgreens.
CLARKSTON, MICH. — Landlord Shango Properties has leased an approximately 1,500-square-foot space in the White Lake Commons shopping center in Clarkston, a northern suburb of Detroit, to physical fitness center chain Stretch Lab. The Gerdom Realty & Investment team of Michael Murphy and Tjader Gerdom represented the landlord, and Stephen Smith of TNF Realty represented Stretch Lab. White Lake Commons is anchored by Neiman’s Market and is located near the intersection of Dixie Highway and White Lake Road.
GRAND RAPIDS, MICH. — Alt City NA Bottles & Beer, a non-alcoholic bottle shop, has opened an 846-square-foot store at 434 Leonard St. NW in the West Grand neighborhood of Grand Rapids. Alt City offers a wide selection of zero-proof mixers, spirits, beer and wines. Brothers Paul and Chad Clark started the company in 2019 after realizing that there weren’t many non-alcoholic options in Grand Rapids. CityWide Real Estate Services owns the building, which is also home to Trinity Chiropractic, FURN on Leonard and Captain Bizzaro’s Treasure World. Alt City also maintains a location in the Grand Rapids Downtown Market that serves non-alcoholic beverages in addition to coffees, teas and smoothies.
STERLING HEIGHTS, MICH. — Skin Diva Spa has signed a 2,000-square-foot retail lease at Brookside Village in Sterling Heights, a northern suburb of Detroit. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the undisclosed landlord. Located at the northwest corner of 15 Mile and Schoenherr roads, Brookside Village has one space remaining available for lease.
TROY, MICH. — Bernard Financial Group (BFG) has arranged a $29.2 million loan for the construction of a 200-unit multifamily project in Troy. Dennis Bernard and Joshua Bernard of BFG arranged the loan through Old National Bank. The loan terms and name of the borrower were not provided.
WARREN, MICH. — Green Lantern Pizza has leased 1,400 square feet at Village Plaza in Warren, a northern suburb of Detroit. The Warren restaurant marks Green Lantern Pizza’s 10th location in the state. Michael Murphy, Bill McLeod and Haley Kelly of Gerdom Realty & Investment represented the landlord, Shango Enterprise Group. Located at the northwest corner of 13 Mile and Mound roads, Village Plaza spans roughly 100,000 square feet. Green Lantern Pizza has operated in metro Detroit since 1955.