JACKSON, MICH. — Grandbridge Real Estate Capital has arranged the recapitalization of Vista Grande Villa, a 318-unit senior living campus in Jackson, about 35 miles west of Ann Arbor. Vista Grande Villa is an approximately 20-acre campus comprising 32 cottage homes, 181 independent living apartments, 46 assisted living units, 23 memory care units and 36 skilled nursing units. The recapitalization plan consisted of restructuring approximately $22 million of prior debt, together with new committed funding of roughly $8 million to put toward capital investment and stabilizing the community. Jay Jordan and Dave Kliewer of Grandbridge arranged the financing through Lapis Advisers. Kauhale Health is managing operations.
Michigan
MARQUETTE, MICH. — Greystone has originated a $12.3 million Fannie Mae loan for the refinancing of One Marquette Place in Marquette, a city in Michigan’s Upper Peninsula along Lake Superior. The 68-unit apartment community was constructed in 2019. The six-story property features a rooftop terrace, community room and exercise room. The community was built on former brownfield land that was utilized as industrial docks. Reuben Dolny and John Marr of Greystone originated the 10-year loan, which features a fixed interest rate and a 30-year amortization schedule.
TROY, MICH. — Local developer MKiezi Investments has acquired Oakland Mall in Troy for an undisclosed price. CenterCal Properties was the seller. The mall, which opened in 1968, spans roughly 1.5 million square feet and is home to Macy’s, J.C. Penney and a former Sears store, which MKiezi acquired last year. Other retailers at the mall include Dick’s Sporting Goods and At Home. Hobby Lobby is scheduled to open later this year in a portion of the former Sears space. Longhorn Steakhouse will replace the former Logan’s Roadhouse space. MKiezi plans to make improvements to the mall entrances, restrooms and lighting. Redevelopment of the former Sears store is underway. MKiezi is working with Detroit-based GH+A Design Studios to envision future possibilities for the mall that may include family entertainment, dining, ghost kitchens, advanced retail distribution or activation of outdoor space.
SOUTHFIELD, MICH. — Dwight Capital has provided $31 million in bridge financing for two multifamily communities in Southfield. In the first transaction, Dwight provided $14 million for Legacy Place, a 173-unit condominium rental property. Loan proceeds were used to facilitate the acquisition and renovation of 112 units. Legacy Place, which consists of more than 44 two-story buildings, features some of the largest units in Southfield. Amenities include a swimming pool, garage parking, onsite management and nearly 20 acres of walking grounds. In the second transaction, Dwight provided a $17 million acquisition loan for Carlyle Tower Apartments, a neighboring 175-unit property that consists of a 10-story building on five acres. The undisclosed borrower plans to invest in interior and exterior upgrades. Adam Sasouness of Dwight originated the loans through the firm’s commercial mortgage REIT, Dwight Mortgage Trust. Marvin Jeremias of Crossmark Capital arranged the loans, terms of which were not provided.
WESTLAND, MICH. — Marcus & Millichap has arranged the $3.5 million sale of a restaurant property net leased to On the Border Mexican Grill in Westland, about 16 miles west of downtown Detroit. On the Border has 14 years remaining on its lease. Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, an individual trust. Ashish Vakhariya, Darin Gross and Seth Haron of Marcus & Millichap represented the buyer, a limited liability company.
HARPER WOODS, MICH. — NorthPoint Development has unveiled plans to build Eastland Commerce Center in Harper Woods, a northeast suburb of Detroit. The speculative industrial project will consist of three buildings ranging from 200,000 to 536,000 square feet each. The development will be situated on an 80-acre site formerly occupied by Eastland Center shopping mall, which opened in 1957 and closed in late 2021. Joe Hamway and Greg Hudas of Signature Associates will market the project for lease. Pre-leasing is underway for Building 1, which will span up to 297,000 square feet and is slated for completion in early 2023. All three buildings are slated for completion by the end of 2023.
MARQUETTE, MICH. — Global Real Estate Advisors (GREA) has brokered the sale of Olympia Apartments in Marquette, a city in Michigan’s Upper Peninsula. Included in the sale of the 101-unit multifamily property was a custom-built home that sits along Lake Superior. The buyer, Cape Sierra Capital, intends to convert the residence into a vacation rental property. Cary Belovicz of GREA brokered the sale. The seller and sales price were not provided.
LAKE ORION, MICH. — The Boulder Group has arranged the $4.1 million sale of a single-tenant retail property occupied by tire company Firestone in Lake Orion, about 38 miles north of Detroit. The net-leased, 6,116-square-foot building is located at 25 Indianwood Road. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate developer. A Southeast-based private real estate investor was the buyer.
SAGINAW, MICH. — Carelinc Medical Equipment, a home medical equipment supply company, has signed a 12,250-square-foot retail lease at Fashion Square West, a retail strip center in the Mid-Michigan city of Saginaw. David Depodesta and James Mitchell of Dominion Real Estate Advisors LLC worked alongside Michele Rosenblum of Lee & Associates and Earl Clements of Clements Realty on the five-year lease. Clements represented the tenant. The owner of the property was not released.
DETROIT — Jackson Asset Management and Hosey Development are planning a $134 million redevelopment of the former Fisher Body Plant 21 in Detroit, according to The Detroit News and other local media. Named Fisher 21 Lofts, the project involves the conversion of the abandoned automotive plant into 400 mixed-income housing units along with retail and commercial space. Construction could begin as early as next year. The project awaits city council approval. The city took title of the former manufacturing facility in 2000. The plant was originally built by the Fisher brothers and utilized for producing auto bodies for Cadillac and Buick.