Michigan

Kennedy Funding Provides $1.5M Refinancing for Detroit Healthcare Facility

by Kristin Harlow April 2, 2020

DETROIT — Kennedy Funding has provided a $1.5 million loan for the refinancing of Conner Creek Medical Center in Detroit. Funds will be used to pay off existing debt and for working capital. The facility was recently selected by the state of Michigan as a site for testing and treating COVID-19 patients. The property originally served as Holy Cross Hospital and later became St. John Hospital, which ceased operations in 2004. Since then, St. John leased the facility to varying medical practices until the building was acquired by new owners in 2015. Approximately 131,331 square feet of the five-story, 225,000-square-foot property is occupied by 11 tenants. The Department of Veterans Affairs occupies 29,012 square feet and Conner Creek Life Solutions occupies 32,500 square feet. Working capital from the loan will, in part, fund the conversion of the remaining square feet into additional medical office space. Conner Creek Center LLC was the borrower.

April 2, 2020

Michigan Midwest Retail

The State Bank Unveils Relief Measures for Consumers, Businesses Affected by COVID-19

by Kristin Harlow March 31, 2020

FENTON, MICH. — The State Bank has unveiled a set of initiatives to support its consumer and business customers as well as local communities as they face mounting financial challenges as a result of the COVID-19 pandemic. Key components of the relief measures include: access to an interest-free emergency loan of up to $1,000 with no payments due for 90 days and a 12-month repayment period; a community support program where people in financial need can be nominated by family or neighbors to receive one of 10 checks of $250 paid daily between April 6 and May 1; payment deferrals of up to 90 days or interest-only payments up to 180 days for all small business association and commercial loans; relief from everyday banking and credit card fees; payment deferrals on mortgages and consumer loans; and appointments to discuss assistance available through federal and state relief programs. Fenton-based The State Bank has assets of $950 million and currently operates 15 full-service offices in Genesee, Livingston, Oakland, Saginaw and Shiawassee counties as well as loan production offices in Washtenaw and Saginaw counties.

March 31, 2020

Civic Michigan Midwest

TCF Center in Detroit to Serve as Temporary Care Facility Amid COVID-19 Healthcare Crisis

by Kristin Harlow March 30, 2020

DETROIT — In response to the COVID-19 pandemic, TCF Center in Detroit has been designated by Michigan Gov. Gretchen Whitmer and the Federal Emergency Management Agency (FEMA) as a temporary alternate care facility. Mobilization has already begun, and construction will be performed by the TCF Center workforce and union labor. The temporary site is planned for COVID-19 patients to relieve the burden on local hospitals treating patients with the virus. The temporary care site may be used for as long as six months, according to local media. As of late Sunday, the Michigan Department of Health and Human Services reported 5,486 cases of the coronavirus and 132 deaths. Consequently, the 2020 North American International Auto Show, which was set to take place at TCF Center, formerly Cobo Hall, has been cancelled. The annual show, one of the largest in North America, was scheduled to take place June 9-20 and will now be postponed until June 11-26, 2021.

March 30, 2020

Industrial Michigan Midwest

Fiat Chrysler Automobiles to Produce Face Masks for Coronavirus Relief

by Kristin Harlow March 30, 2020

AUBURN HILLS, MICH. — Fiat Chrysler Automobiles (FCA) is in the process of converting some of its North American plants to produce face masks that will be donated to first responders and healthcare workers. The first machinery has been delivered and installed. Donation of the face masks will come in the following weeks. FCA operates 36 production plants in North America, according to its website. FCA is also working in partnership with nonprofit organizations that are providing food to children until schools return to session. Starting immediately, FCA will help provide more than 1 million meals to school-age children in the communities around its principal manufacturing plants in Illinois, Indiana, Michigan and Ohio. The program will then be extended nationwide and to Canada and Mexico. FCA plants across the U.S. and Canada, as well as headquarters operations in Auburn Hills and construction projects, will remain closed until April 14, dependent upon various states’ stay-in-place orders and the readiness of each facility to return to normal production. Mopar Parts distribution centers, which have been deemed essential to keeping first responders and commercial vehicles on the road, will continue to operate with paid volunteers.

March 30, 2020

Leasing Activity Michigan Midwest Retail

Two New Tenants to Open at West Oaks Shopping Center in Novi, Michigan

by Kristin Harlow March 27, 2020

NOVI, MICH. — Milan Laser and US Mattress will soon join the tenant lineup at West Oaks Shopping Center in Novi. Milan Laser will occupy the 1,624-square-foot space formerly home to GameStop. US Mattress will take the 2,600-square-foot space formerly occupied by Art Van Pure Sleep. Tjader Gerdom, Larry Siedell and Michael Murphy of Gerdom Realty & Investment represented the landlord, RPT Realty. West Oaks is located at I-96 and Novi Road, directly across the street from Twelve Oaks Mall.

March 27, 2020

Loans Michigan Midwest Office

Bernard Financial Group Arranges $1M Refinancing for Office Building in Royal Oak, Michigan

by Kristin Harlow March 26, 2020

ROYAL OAK, MICH. — Bernard Financial Group has arranged a $1 million loan for the refinancing of a 17,300-square-foot office and retail building in Royal Oak, a northern suburb of Detroit. Dan Duggan of Bernard arranged the loan on behalf of the borrower, 320-322 S. Main Holdings LLC. Ohio National Life Insurance Co. provided the loan, terms of which were undisclosed.

March 26, 2020

Michigan Midwest

Michigan Governor Signs ‘Stay Home, Stay Safe’ Executive Order

by Kristin Harlow March 24, 2020

LANSING, MICH. — As the COVID-19 death count in Michigan climbed to 15 on Monday, and the state’s total confirmed case count was 1,328, Michigan Gov. Gretchen Whitmer signed a “Stay Home, Stay Safe” executive order, directing all Michigan businesses and operations to temporarily suspend in-person operations that are not necessary to sustain or protect life. The order is effective today and runs through April 13. Non-essential businesses could be subjected to a fine of up to $500, forced closure. Business owners who violate the order could face up to 90 days in jail, according to a spokeswoman for the Michigan Attorney General’s Office as reported by the Detroit Free Press. The order came with a lot of questions from the business community about which businesses are considered essential and which aren’t. For instance, Ohio’s stay-at-home order includes a list of specific businesses that are considered essential, but Michigan’s order does not, according to The Detroit News. Included under Ohio’s order are contractors, laundering and dry-cleaning and hardware supply stores. The order directs Michiganders to stay in their homes unless they’re part of a critical infrastructure workforce, engaged in an outdoor activity or performing tasks necessary to the health and …

March 24, 2020

Michigan Midwest Retail

Detroit’s Bedrock to Offer Rent Forgiveness for Restaurants, Small Businesses in Wake of COVID-19

by Kristin Harlow March 24, 2020

DETROIT — Bedrock, the real estate development company created by Quicken Loans Founder Dan Gilbert, will temporarily waive all rent, expenses and parking fees for restaurants and retail tenants that qualify as small businesses and which occupy space at the landlord’s buildings in downtown Detroit. Bedrock owns about 50 percent of the leasable commercial real estate space in Detroit’s 1.4-square-mile downtown business district, according to The Wall Street Journal. In downtown Detroit, Bedrock’s real estate portfolio includes 125 retailers and restaurants. The rent forgiveness initiative, which runs from April through June, comes as businesses across the state temporarily suspend in-person operations unless they are deemed essential. Michigan Gov. Gretchen Whitmer issued a “Stay Home, Stay Safe” executive order on Monday in response to the coronavirus outbreak. The order will be in effect through April 13. Bedrock recognizes that many of its small restaurant and retail tenants have taken a big hit financially due to lost business during the crisis and want to enable these tenants to use their resources to pay bills and meet payroll commitments. Qualification as a small business is based on criteria established using industry and governmental standards.

March 24, 2020

Acquisitions Michigan Midwest Retail

Sportsman’s Warehouse to Acquire Field & Stream Store in Kalamazoo, Michigan

by Kristin Harlow March 23, 2020

KALAMAZOO, MICH. — Sportsman’s Warehouse Holdings Inc. has entered into an agreement with Dick’s Sporting Goods Inc. to acquire a Field & Stream store in Kalamazoo. The store will be rebranded as Sportsman’s Warehouse. The company is also purchasing a Field & Stream store in Crescent Springs, Kentucky, and the total purchase price of $5 million for both stores will be funded through borrowings under Sportsman’s revolving credit facility. Sportsman’s will sublease the two locations from Dick’s and the transactions are expected to close this month. Field & Stream is a retailer of hunting, fishing, camping and outdoor recreation merchandise that is a subsidiary of Dick’s. Sportsman’s says the acquisitions are consistent with its “growth strategy of opportunistically expanding its store footprint in strong markets with well-established customer bases.”

March 23, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Brokers Sale of 117-Unit Multifamily Portfolio in Marquette, Michigan

by Kristin Harlow March 18, 2020

MARQUETTE, MICH. — Greystone Bel Real Estate Advisors has brokered the sale of a two-property multifamily portfolio totaling 117 units in Marquette, which is located in the state’s Upper Peninsula. The portfolio includes Northwoods and Ridgeview Apartments. Austin Hull of Greystone Bel brokered the transaction. The sales price was undisclosed. An out-of-state buyer purchased the properties from an undisclosed seller. Built between 2004 and 2011, Northwoods consists of three buildings totaling 48 units on 3.5 acres. Ridgeview is a 69-unit property built in 2002. It includes 10 buildings on four acres.

March 18, 2020

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