DETROIT — Bernard Financial Group (BFG) has arranged a $44.4 million construction loan for a parking and mobility center under development in Detroit’s Corktown neighborhood. Dennis Bernard and Joshua Bernard of BFG arranged the loan with Waterway Capital LLC. An entity doing business as Corktown Mobility Hub LLC was the borrower. Further details were not provided.
ROYAL OAK, MICH. — The Boulder Group has negotiated the $2.8 million sale of a single-tenant retail property net leased to Chipotle in Royal Oak, a northern suburb of Detroit. Newly constructed in 2021, the 2,400-square-foot building is located at 305 W. 11 Mile Road. Chipotle has a 12-year lease at the property. Randy Blankstein and Jimmy Goodman of Boulder Group represented the buyer, a West Coast-based private individual. A Midwest-based real estate investment firm was the seller.
ALLENDALE, MICH. — Northmarq has arranged a $4.2 million loan for the refinancing of Conifer Creek and Conifer Creek West Townhomes, two student housing properties serving Grand Valley State University in Allendale near Grand Rapids. The communities, constructed in 2006 and 2016, total 186 beds. Both properties were fully leased at the time of loan closing. Robert Hernandez of Northmarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan. The borrower was undisclosed.
DETROIT — Dan Gilbert’s Bedrock has acquired The ICON, a 420,000-square-foot facility in Detroit that formerly served as the home of the UAW-GM training center. The purchase price was undisclosed, but the vacant property previously traded hands for $34 million in November 2020, according to Crain’s Detroit Business. In addition to office and training space, the property includes 880 parking spaces, a 375-seat auditorium and direct access to Detroit’s East Riverfront. Located at 200 Walker St., the facility is adjacent to a 500,000-square-foot office building at 300 River Place that Bedrock also owns.
DETROIT — Friedman Real Estate has brokered the sale of the Westin Book Cadillac hotel in downtown Detroit. A joint venture between Oxford Capital Group LLC and Taconic Capital Advisors LP assumed debt owed by the previous owner, which faced foreclosure. The joint venture assumed $77 million in commercial mortgage-backed securities debt owed by Cleveland-based Ferchill Group, according to Crain’s Detroit Business. Located at 1114 Washington Blvd. within the city’s Washington Boulevard Historic District, the hotel rises 32 stories with 453 rooms. The property served as Detroit’s tallest building and the world’s tallest hotel when it opened as the Book-Cadillac hotel in 1924. The hotel was redeveloped and branded as Westin in 2008. The new ownership plans to make improvements to the common areas, amenities and guest rooms over the next two years. Jared Friedman of the brokerage negotiated the sale.
ROMULUS, MICH. — Bernard Financial Group (BFG) has arranged a $57 million loan for the refinancing of a three-building industrial property totaling 1.8 million square feet in Romulus. Dennis Bernard and Joshua Bernard of BFG arranged the loan through Voya Investment Management LLC. An entity doing business as Ashley Romulus LLC was the borrower. Further details were not provided.
MICHIGAN, INDIANA AND ILLINOIS — The Boulder Group has brokered the sale of a portfolio of properties net leased to Dollar General for $5.4 million. The four single-tenant buildings are located in Battle Creek, Mich., Bedford, Ind., Sheffield, Ill. and Streator, Ill. Randy Blankstein and John Feeney of Boulder represented the seller, a West Coast-based private individual, as well as the buyer, a Midwest-based institution. Each property has 10 to 12 years remaining on its lease term.
ANN ARBOR, MICH. — Bernard Financial Group has arranged a $21.3 million bridge loan for the acquisition of One North Main, a 114,870-square-foot office property in Ann Arbor. Constructed in 1987, the building rises 11 stories, according to LoopNet. Dennis Bernard and Joshua Bernard of the firm arranged the loan with Ladder Capital Finance LLC. The borrower was an entity doing business as One North Main Owner LLC.
DETROIT — Lightstone has purchased a multifamily portfolio in suburban Detroit totaling 7,810 units across 27 properties in 19 different submarkets. The purchase price and seller were not disclosed. The portfolio also includes an 11,000-square-foot office building. Lightstone plans to add amenities, improve common areas and renovate unit interiors. The transaction increases Lightstone’s multifamily holdings in the Detroit market to more than 13,000 units. Lightstone operates its assets through its management company, Beacon Management.
EAST LANSING, MICH. — Champion Real Estate Co. has acquired a portfolio of six student housing properties near Michigan State University for $42 million. The communities offer a total of 524 beds and are located at 635 Abbot Road, 129 Burcham Drive and 731-787 Burcham Drive in East Lansing. Champion MSU, a subsidiary of Champion, is set to begin a complete rebrand and gut renovation of the communities. Stewart Hayes, Scott Clifton and Dave MacDonald of JLL represented the seller, DTN Management Co.
