GRAND RAPIDS AND KENTWOOD, MICH. — Two new Popeyes Louisiana Kitchen locations are slated to open in West Michigan this summer. A restaurant at 5448 Division Ave. SE in Kentwood is scheduled to open on June 29. The second restaurant, located at 2446 28th St. SE in Grand Rapids, is expected to open in early August. Franchisee Anthony Basile will operate both locations. Colliers West Michigan worked with Basile to secure the locations. Chris Prins of Colliers represented Popeyes. There are more than 2,700 Popeyes restaurants in the U.S. and around the world.
ANN ARBOR, DETROIT AND TRAVERSE CITY, MICH. — Knighthead Funding LLC has provided three separate loans totaling $37.3 million for three multifamily projects in Michigan. Knighthead provided a Michigan-based developer with a $17.7 million first mortgage loan to finance the completion of a four-story, 78-unit building in Traverse City. Located at 155 Garland St., the property will feature 162 parking spaces and 9,716 square feet of ground-level retail space. In the second financing, Knighthead provided Greatwater Opportunity Capital with a $10.8 million loan for the acquisition and renovation of two multifamily buildings in Midtown Detroit. The properties, totaling 118 units, are located within an opportunity zone in the Cass Corridor. Lastly, Knighthead provided an $8.8 million loan for the construction of a 19-unit condominium building in downtown Ann Arbor. Known as The Gallery, the property is 50 percent pre-sold. It will be situated in the Old West Side neighborhood and within walking distance of the University of Michigan. Ann Arbor Builders Inc. was the borrower.
CLAWSON, MICH. — SRS Real Estate Partners has brokered the $4.6 million sale of an 18,549-square-foot property occupied by Aldi in Clawson, a northern suburb of Detroit. The building serves as an anchor to the larger Clawson Shopping Center, which is home to Staples, Rite Aid and Dollar Tree. Patrick Luther and Matt Mousavi of SRS represented the seller, a Texas-based real estate holding company. Frank Rogers and Michael Carter of SRS represented the buyer, a Midwest-based private investor completing a 1031 tax-deferred exchange. The sales price represents a cap rate of 5 percent.
NEW HUDSON, MICH. — Greystone Real Estate Advisors has provided a $26.2 million Fannie Mae loan for the refinancing of Pendleton Park Apartments in New Hudson, about 10 miles west of Novi. Built in 2001, the 240-unit multifamily property offers one-, two- and three-bedroom floor plans as well as two-story, loft-style units. Amenities include a clubhouse, fitness center, theater, pool, outdoor kitchen and tennis courts. Cary Belovicz of Greystone sourced the deal while Clint Darby of Greystone originated the financing. The borrower was undisclosed.
MICHIGAN — Michigan Gov. Gretchen Whitmer has extended the state’s Stay Home, Stay Safe order through May 28. The governor’s order will also enable manufacturing workers, including those at Michigan’s Big 3 auto companies, to resume work on Monday, May 11 as part of her MI Safe Start Plan. Under this order, manufacturing facilities must adopt measures to protect their workers from the spread of COVID-19. These measures include conducting a daily entry screening protocol with temperature checks, creating dedicated entry points and suspending entry of all non-essential in-person visits, including tours. Workers must also be educated on how the virus is spread, its symptoms and use of personal protective equipment. All businesses in the state — including manufacturers — must require masks to be worn when six feet of distancing is not possible.
ANN ARBOR, MICH. — Michigan Medicine has unveiled an economic recovery plan in response to COVID-19. The health system says it is faced with projected financial losses of up to $230 million in the fiscal year ending June 30 and expects losses to continue into fiscal year 2021. The organization will delay capital projects that are not needed for safety or regulatory compliance. This includes construction of a new inpatient facility. The planned $920 million, 264-bed facility in Ann Arbor has been delayed for at least a year, not opening before fall 2025, according to Crain’s Detroit Business. The recovery plan also includes organizational restructuring and a combination of furloughs and layoffs totaling approximately 1,400 full-time employees. In addition, a hiring freeze will leave 300 current vacancies unfilled. Leaders across Michigan Medicine will also take a salary reduction. Marschall Runge, CEO of Michigan Medicine and dean of the U-M Medical School, will reduce his compensation by 20 percent. He has asked his direct reports, department chairs and other leaders to voluntarily reduce their compensation on a scale between 5 and 15 percent. Other expense savings include suspension of merit increases, employer retirement match, tuition reimbursement and reductions to supplies, consulting and …
MICHIGAN — Michigan Gov. Gretchen Whitmer has signed an executive order to enable the resumption of construction and real estate activities starting Thursday, May 7. Construction sites must adopt a set of best practices to protect workers from infection. These practices include designating a site supervisor to enforce COVID-19 control strategies, conducting daily health screenings for workers, creating dedicated entry points, identifying high-risk areas and controlling them for social distancing practices, and ensuring sufficient hand washing or hand-sanitizing stations at the worksite. The governor’s Stay Home, Stay Safe order remains in effect until Friday, May 15. Under this order, Michiganders must not leave their homes except to run critical errands, engage in safe outdoor activities or go to specified jobs in effort to reduce the spread of COVID-19. Citizens are also required to wear face coverings while in enclosed, public spaces.
OAKLAND TOWNSHIP, MICH. — RHP Properties has acquired Woodlands Estates, a 375-site manufactured home community in Oakland Township, about 30 miles north of Detroit. The purchase price was undisclosed. The pet-friendly community features a clubhouse, pool, fitness center, resident garden and playground. RHP plans to upgrade the amenities and add a business center. This is RHP’s 18th property in Michigan. The company now owns and operates 260 manufactured home communities nationwide.
MICHIGAN — Michigan Gov. Gretchen Whitmer has extended the state’s “Stay Home, Stay Safe” order through May 15. The new order will also require citizens to wear face coverings when they enter enclosed public spaces. Some restrictions on outdoor activities will be lifted. Landscapers, lawn-service companies and nurseries can return to work. Retailers that do not sell necessary supplies may reopen for curbside pickup or delivery. As of Sunday, April 26, there were 37,778 cases of COVID-19 and 3,315 deaths in Michigan, according to the state’s website.
ROSEVILLE, MICH. — Mid-America Real Estate Corp. has arranged the sale of Roseville Towne Center in Roseville, about 15 miles north of Detroit. The sales price was undisclosed. The 89,883-square-foot shopping center is home to Marshalls, CVS Pharmacy, Five Below and Dollar Tree. Ben Wineman, Carly Gallagher Kelly and Daniel Stern of Mid-America represented the seller, Cincinnati-based Viking Partners. Ferris Hamama of Keystone Commercial Real Estate represented the buyer, a private investor completing a 1031 exchange.