INKSTER, ROCHESTER HILLS AND LANSING, MICH. — Berkadia has arranged $75.1 million in combined financing for three garden-style multifamily properties in Michigan. Aaron Moll of Berkadia arranged the loans on behalf of the borrower, Valleytree Partners. Moll secured a $31.5 million Fannie Mae loan for the refinancing of Dearborn View in Inkster. The loan features five years of interest-only payments and an interest rate below 2.7 percent. Moll arranged a $35.9 million loan with a bridge lender for the acquisition of Bedford Square in Rochester Hills. The nonrecourse loan features an 80 percent loan-to-cost ratio and three years of interest-only payments. Lastly, Moll secured a $7.6 million Freddie Mac loan for the acquisition of Delta Square Apartments in Lansing. The 10-year loan features three years of interest-only payments and a 75 percent loan-to-value ratio.
DETROIT — Dominion Real Estate Advisors has brokered the sale of a 42,000-square-foot industrial building in Detroit for an undisclosed price. The property is located at 12727 Greenfield Road. Rem Murray of Dominion represented the seller, 12727 Greenfield LLC. Detroit-based logistics company LD Transport purchased the building.
ROYAL OAK, MICH. — Baker College is building a new campus in Royal Oak, a northern suburb of Detroit. The 86,000-square-foot, seven-story campus will be situated at 420 S. Lafayette Ave. Construction recently began on the $51 million project, which is slated for completion in time for the 2022 academic year. The campus will accommodate approximately 1,500 undergraduate and graduate students. It will include classrooms, laboratories, study areas, gathering spaces and onsite parking. Edge Design Associates and Colasanti Construction Services Inc. make up the project team. Students at the Royal Oak campus will have the opportunity to pursue degrees in business, information technology, nursing, education, occupational therapy, physical therapy, criminal justice, psychology or liberal arts. Baker College, a private nonprofit college, currently maintains campuses in Auburn Hills, Cadillac, Jackson, Muskegon and Owosso, as well as its Culinary Institute of Michigan locations in Port Huron and Muskegon and its Auto Diesel Institute in Owosso. Baker College’s online program offers more than 40 academic options for students globally.
DETROIT — Saucy Brew Works will open a new brewpub and coffeehouse in Detroit’s Brush Park neighborhood. The opening is slated for March 3. The 5,700-square-foot space will be the first restaurant within Bedrock’s City Modern apartment development. Guests will enjoy a variety of beers and specialty coffees in addition to food offerings such as appetizers, sandwiches, wings and pizza. In response to COVID-19, Saucy Brew Works will provide hand sanitizer, masks, six-foot table distancing and floor markers for spacing. Residents of City Modern will receive a 20 percent discount. This is the fourth location for Saucy Brew Works, which maintains restaurants in Cleveland, Columbus and Orange, Ohio.
BLOOMFIELD HILLS, MICH. — Kennedy Funding has provided a $1.8 million loan for the refinancing of 31.3 acres of land in Bloomfield Hills. Proceeds from the loan will be used to pay off the existing first mortgage. Remaining proceeds will be used as working capital. The property is zoned as a research park district and is currently listed for sale for $4.9 million. Bloomfield Technology Park LLC was the borrower. New Jersey-based Kennedy Funding is a direct private lender specializing in bridge loans for commercial property and land acquisition, developments, workouts, bankruptcies and foreclosures.
STERLING HEIGHTS, MICH. — Montecito Medical Real Estate has acquired an ophthalmic clinic and surgery center in Sterling Heights for an undisclosed price. Built in 1990, the 16,709-square-foot property is occupied by Vision Institute of Michigan. The group’s ambulatory surgery center accounts for roughly one-fourth of the building’s total square footage. This transaction marks Montecito’s first acquisition in Michigan. Collin Hart and Marc Flynn of ERE Healthcare Real Estate Advisors brokered the deal.
BLOOMFIELD HILLS, MICH. — The Taubman Co. LLC has announced that Executive Vice President and CFO Simon Leopold will depart the company effective Jan. 31. Benjamin Meeker, who currently serves as vice president, capital markets and treasurer, will be promoted to senior vice president, CFO and treasurer. Meeker will report to Robert Taubman, who is chairman, president and CEO. Leopold will remain an advisor to the company to assist with the transition. Taubman is engaged in the management and leasing of 26 regional, super-regional and outlet malls in the U.S. and Asia. The Taubman Realty Group LLC is a joint venture between affiliates of Simon Property Group and the Taubman family and is headquartered in Bloomfield Hills, Mich.
DETROIT — Detroit Thermal has leased a 14,700-square-foot industrial building in Detroit. The company delivers clean steam energy throughout the city and services more than 100 buildings. Greg Hornby of Friedman Real Estate represented the undisclosed landlord in the lease transaction.
ROCHESTER HILLS, MICH. — Ready Capital has closed a $36 million loan for the acquisition, renovation and stabilization of a 330-unit multifamily property in Rochester Hills, a suburb of Detroit. The financing closed in December. Loan terms and the borrower were undisclosed.
LANSING, MICH. — The State of Michigan has continued its ban on indoor dining, but is expected to lift the restriction beginning Feb. 1. Indoor dining will resume with “mitigation measures, capacity limits and a curfew,” according to the Michigan Department of Health and Human Services. For now, a new epidemic order issued by the department that is valid from Jan. 16-31 enables Michigan residents to participate in indoor group exercise and non-contact sports, as long as masks and social distancing guidelines are in place. College and university students may return to campus for the winter semester and restart in-person courses beginning Jan. 18. Indoor residential gatherings remain limited to 10 people and two households. As of Jan. 13, there were 525,612 confirmed cases of COVID-19 in Michigan and 13,501 deaths.