Michigan

Henry Ford Health System in Michigan Loses $234.5M in First Quarter, to Furlough 2,800 Employees

by Alex Tostado April 23, 2020

DETROIT — Henry Ford Health System reported a net loss of $234.5 million in the first quarter due to the widespread COVID-19 pandemic. The Detroit-based company says it will furlough 2,800 employees across its six hospitals. In explaining the losses, the health system cited temporary closures, an increased need for caring for COVID-19 patients, and the postponement or cancellation of services and procedures. Additionally, the company expects losses in April and May to surpass the March total. The furloughed employees are those not directly involved in patient care and those from areas where workloads have been drastically reduced or operations have been temporarily closed. Henry Ford Health System employs more than 30,000 people. Executives at Henry Ford Health System will donate between 10 and 25 percent of their salaries to two funds meant to help furloughed employees. The two funds are the newly created COVID-19 Emergency Needs Fund and the Bob and Sandy Riney Helping Hands Fund, which was created in 2012 to help support employees experiencing unexpected hardships. The health system lost $43 million in net operating income (NOI) in March, and net operating loss for the first three months of 2020 was $36.2 million. The company had a …

April 23, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges $4M Sale of Apartment Property in Saginaw, Michigan

by Kristin Harlow April 22, 2020

SAGINAW, MICH. — Greystone Bel Real Estate Advisors has arranged the $4 million sale of The Poplars Apartments in Saginaw, approximately 75 miles north of Lansing. Built in 1964, the 105-unit apartment property is located at 4444 State St. The family-owned asset features a swimming pool, patio tables and lounge seating. Austin Hull of Greystone Bel represented both parties in the sale.

April 22, 2020

Healthcare Michigan Midwest

Beaumont Health to Temporarily Lay Off 2,475 Employees, Permanently Eliminate 450 Jobs in Michigan

by Kristin Harlow April 21, 2020

ROYAL OAK, MICH. — Beaumont Health says that the financial consequences of the COVID-19 pandemic has forced the organization to adjust its workforce after suffering significant losses during the first quarter. After Beaumont began caring for COVID-19 patients five weeks ago, nearly all inpatient and outpatient surgeries and other non-COVID-19 medical services had to be halted. As a result, Beaumont is temporarily laying off 2,475 of its 38,000 employees. It is also permanently eliminating 450 positions and cutting executive pay. CEO John Fox will take a 70 percent temporary pay cut to his base salary. The other members of Beaumont’s executive leadership team will also take temporary pay cuts up to 45 percent of their total compensation. Of the 2,475 layoffs, most involve hospital administrative staff and others who are not directly caring for patients. Most of the 450 position eliminations are part of the corporate staff or serving in other administrative roles. Beaumont will also pause or cancel some nonessential projects. For the first three months of 2020, Beaumont reported a net operating income of -$54.1 million, a $91.7 million decrease compared to the same time last year. The Royal Oak-based nonprofit hospital is Michigan’s largest healthcare system. It …

April 21, 2020

Loans Michigan Midwest Multifamily

Twins Real Estate Receives $2.3M Loan for Refinancing of Multifamily Community in Battle Creek, Michigan

by Kristin Harlow April 20, 2020

BATTLE CREEK, MICH. — Twins Real Estate has received a $2.3 million Freddie Mac small balance loan for the refinancing of Hidden Lane Apartments in Battle Creek, about 25 miles east of Kalamazoo. Located at 612 Garrison Ave., the 77-unit community is comprised of three apartment buildings and two townhome buildings. Jason Brown and Sam Orman of CBRE Capital Markets arranged the 10-year loan, which is amortized over 30 years and features a fixed rate of 4.13 percent and a 70 percent loan-to-value ratio.

April 20, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges $1.8M Sale of Apartment Property in Sturgis, Michigan

by Kristin Harlow April 17, 2020

STURGIS, MICH. — Greystone Bel Real Estate Advisors has arranged the $1.8 million sale of Colonial Crest Apartments in Sturgis in southern Michigan. Built in 1972, the 48-unit apartment property is located at 1000 E. Lafayette St. The Michigan-based buyer plans to complete interior unit renovations.

April 17, 2020

Loans Michigan Midwest Multifamily

Berkadia Provides $15.1M Fannie Mae Loan for Apartment Community in Grand Rapids

by Kristin Harlow April 16, 2020

GRAND RAPIDS, MICH. — Berkadia has provided a $15.1 million Fannie Mae loan for Lofts on Alabama in Grand Rapids. Aaron Moll of Berkadia secured the permanent financing on behalf of the undisclosed borrower. The new loan lowered the borrower’s rate by over 100 basis points, extended the amortization and interest-only period and removed recourse, according to Moll. Lofts on Alabama, located on Alabama Avenue, is a 100-unit apartment community situated in the West Side neighborhood of Grand Rapids. It features a rooftop patio, outdoor area and community gathering space.

April 16, 2020

Michigan Midwest

Michigan Governor Extends Stay-At-Home Order Through End of April, Limits Store Traffic

by Kristin Harlow April 10, 2020

MICHIGAN — In a continued effort to slow the spread of COVID-19, Michigan Gov. Gretchen Whitmer has extended the state’s stay-at-home order through the end of April. As with the prior order, the motion limits gatherings and travel. The directive also requires that all workers who are not necessary to sustain or protect life to stay home. The new order also imposes more stringent limitations on stores to reduce foot traffic and encourages residents to limit the number of household members running errands. Large stores must limit the number of people in the store at one time to no more than four customers for every 1,000 square feet of floor space. Small stores must limit capacity to 25 percent of the total occupancy limits. To regulate entry, stores must establish lines with markings for patrons to enable them to stand at least six feet apart from each other while waiting. Large stores must also close their carpeting, flooring, furniture, garden centers, plant nurseries or paint departments. Michigan currently has the third-highest number of COVID-19 cases in the country. As of Thursday, April 9, there were 21,504 confirmed cases in the state and 1,076 deaths, according to the state of Michigan’s …

April 10, 2020

Civic Healthcare Michigan Midwest

TCF Center Hospital Conversion in Detroit Running Ahead of Schedule

by Kristin Harlow April 7, 2020

DETROIT — The conversion of TCF Center in Detroit into a 1,000-bed field hospital is ahead of schedule and slated for completion by Wednesday April 8, according to the Detroit Free Press. Members of the Michigan National Guard assisted the Federal Emergency Management Agency with logistics support and inventory of equipment and supplies. The transformation of the convention center into a federal medical station is in effort to treat COVID-19 cases during a period of surge demand. On April 1, Gov. Gretchen Whitmer signed an executive order formally declaring a state of disaster. As of Monday, April 6, there were 17,221 confirmed cases of COVID-19 in the state of Michigan and 727 deaths.

April 7, 2020

Acquisitions Michigan Midwest Multifamily

NAI Wisinski of West Michigan Brokers Sale of 182-Unit Multifamily Property in Grand Rapids

by Kristin Harlow April 6, 2020

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of Foote Hills Apartments & Townhomes in Grand Rapids for an undisclosed price. The 182-unit, Class B multifamily property sits on 19.2 acres. The community features a pool, fitness center and newly remodeled clubhouse. Scott Nurski and Craig Black of NAI Wisinski represented the undisclosed buyer and seller.

April 6, 2020

Loans Michigan Midwest Multifamily ORIX

Hunt Real Estate Capital Provides $6.4M Acquisition Loan for Apartment Community in Clarkston, Michigan

by Kristin Harlow April 3, 2020

CLARKSTON, MICH. — Hunt Real Estate Capital has provided a $6.4 million Freddie Mac small balance loan for the acquisition of Chalet Villa Apartments in Clarkston, about 40 miles north of Detroit. Built in 1974, the 123-unit apartment community is located at 6935 Tuson Blvd. It consists of eight two-story buildings. Larry Harwood of Q10 | Lutz Financial Services arranged the 10-year, fixed-rate loan. The borrower was 6935 Chalet Villa Apartments LLC. The seller recently invested approximately $1.8 million in capital improvements to the roofing, sidewalks and sewer.

April 3, 2020

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