PLYMOUTH TOWNSHIP, MICH. — Bernard Financial Group (BFG) has secured a $1.5 million loan for the refinancing of a 53,314-square-foot office property in Plymouth Township. Adam Ferguson of BFG arranged the loan on behalf of the borrower, Plymouth Commerce Center LP. A life insurance company provided the loan.
WESTLAND, MICH. — Bargain House Outlet has signed an 8,160-square-foot retail lease at One Michigan Place in Westland, a western suburb of Detroit. The tenant will move into the former Family Dollar space at the Kroger-anchored shopping center. Owen Kelly and Michael Murphy of Gerdom Realty & Investment represented the landlord, Axiom Properties. The deal was completed within the first week of listing the property for lease.
SOUTHFIELD, MICH. — Friedman Real Estate has arranged the auction sale of West 11, a three-building office campus spanning 23.9 acres and totaling more than 640,000 square feet in the Detroit suburb of Southfield. The undisclosed buyer plans to convert the property into mixed-use. Friedman worked with auction partner Ten-X. The sales price and seller were not disclosed.
WEST BLOOMFIELD, MICH. — The Back Nine Golf Simulator has signed a 2,127-square-foot retail lease at Crosswinds Mall in West Bloomfield. Michael Murphy of Gerdom Realty & Investment represented the tenant, which is opening its ninth location in Michigan. Marvin Petrous of Signature Associates represented the undisclosed landlord.
FARMINGTON HILLS, MICH. — Bernard Financial Group (BFG) has arranged a $4 million loan for the refinancing of an 89,691-square-foot office property in the Detroit suburb of Farmington Hills. Joshua Bernard of BFG arranged the loan on behalf of the borrower, an entity doing business as HRFG Acquisition LLC. A life insurance company provided the loan.
KENTWOOD, MICH. — Cinnaire has provided a $12 million Low-Income Housing Tax Credit equity investment as well as a $23.5 million loan with its partners CPC Mortgage Co. to support the preservation and rehabilitation of Countryside Townhomes, a 146-unit affordable housing community in Kentwood near Grand Rapids. The financing package also included a nearly $3 million equity bridge loan. Countryside Townhomes was originally built in 1971 as a Section 8 property. Today, all of the units are restricted to families earning no more than 60 percent of the area median income, and all but five units are covered by a long-term Housing Assistance Payments contract. The property consists of 24 buildings with 18 one-bedroom, 78 two-bedroom and 50 three-bedroom, two-story townhomes — each with a full basement — serving residents of all ages. The community was in significant need of rehabilitation after more than 50 years in service, according to Cinnaire. Vitus, a developer and owner of affordable housing, was the borrower.
REDFORD TOWNSHIP, MICH. — Friedman Real Estate has negotiated the sale of an 18,800-square-foot industrial property located at 24800 Plymouth Road in the Detroit suburb of Redford Township. Phil Konopitski of Friedman represented the seller, Dudek Property Investments LLC. Crown Specialty Investments LLC was the buyer.
GRAND BLANC, MICH. — Largo Capital Inc. has arranged a $26 million bridge loan for a multifamily property in Grand Blanc, a suburb of Flint. Ned Perlman of Largo Capital arranged the loan through an agency bridge lender. The new loan refinanced the existing construction loan.
ROYAL OAK, MICH. — Alloy Personal Training has signed a 1,500-square-foot retail lease at The Griffin, an apartment complex built in 2021 in the Detroit suburb of Royal Oak. The property is located at the northeast corner of I-696 and Woodward Avenue. Owen Kelly and Michael Murphy of Gerdom Realty & Investment represented the landlord, Singh Development.
LAPEER, MICH. — Bernard Financial Group (BFG) has arranged a $16.9 million loan for the refinancing of a 152-unit multifamily property in Lapeer, about 60 miles north of Detroit. Dan Duggan of BFG arranged the loan on behalf of the borrower, Selective Real Estate LLC. Fannie Mae provided the loan.