GRAND RAPIDS, MICH. — BB&T Capital Markets has closed on $70.2 million in bond financing to fund the expansion of Clark Retirement Community’s Keller Lake campus in Grand Rapids. The financing consists of $64.5 million in tax-exempt bonds and $5.7 million in taxable bonds, all at a fixed rate. The developer is currently underway on the Keller Lake expansion.The project will add 53 independent living units to the continuing care retirement community. Upon completion, Clark Retirement Community’s two campuses will total 185 independent living units, 230 assisted living units and 39 skilled nursing beds.
DURAND, MICH. — Greystone Bel Real Estate Advisors has arranged the sale of Country Village Apartments in Durand, about 40 miles northeast of Lansing. Originally constructed in 1985, the 84-unit apartment complex spans eight buildings. It is located at 8940 Monroe Road. Austin Hull of Greystone Bel brokered the transaction for an undisclosed price. The seller’s family had owned the property since its opening.
STERLING HEIGHTS, MICH. — Gerdom Realty & Investment has negotiated two retail leases at Brookside Shopping Center in Sterling Heights. Rehab Without Walls outpatient clinic leased a 3,200-square-foot space and Luma’s Fashion and Alteration leased 1,600 square feet. Only one 10,220-square-foot space remains available for lease at the Planet Fitness-anchored center. Michael Murphy and Tjader Gerdom of Gerdom represented the undisclosed landlord in the new leases.
LIVONIA, MICH. — Gerdom Realty has negotiated the sale of Livonia Crossroads for an undisclosed price. The 23,000-square-foot retail center is located at the southeast corner of Middlebelt and Plymouth roads in Livonia, a western suburb of Detroit. Tenants include MedPost Urgent Care, Disc Replay and Sprint. Tjader Gerdom, Larry Siedell and Michael Murphy of Gerdom represented both parties in the sale. A local investor purchased the asset. Gerdom retains leasing responsibilities for the center.
GRAND RAPIDS, NOVI AND STERLING HEIGHTS, MICH. — Mag Mile Capital has arranged $23.6 million in CMBS loans for the refinancing of three Michigan hotels. Stellar Hospitality was the borrower. In the first transaction, Francisco Narcoda of Mag Mile arranged a $9.4 million loan for a Staybridge Suites hotel in Grand Rapids. The 94-room hotel opened in December 2001. Nacorda also secured an $8.5 million loan for the 89-room Homewood Suites in Novi. In the final transaction, the team arranged a $5.7 million loan for the 98-room Tru by Hilton property in Sterling Heights. The 10-year loans feature an interest rate of 4.2 percent.
KALAMAZOO AND SAGINAW, MICH. — Hunt Real Estate Capital has provided two Freddie Mac loans totaling $18.3 million for the refinancing of two multifamily properties in Michigan. The borrower is Michigan-based limited liability company ROCO Real Estate. Both loans feature 10-year terms with 30-year amortization periods. The properties include Waverly Place, a 228-unit community in Kalamazoo; and Bancroft, a 152-unit community in Saginaw.
GRAND RAPIDS, MICH. — Wingstop has leased 1,950 square feet in Grand Rapids for its second location in West Michigan. The chicken wing restaurant occupies space at 1633 28th St. Bill Tyson of NAI Wisinski of West Michigan assisted the tenant in the lease. Headquartered in Dallas, Wingstop operates and franchises more than 1,100 restaurants worldwide.
DETROIT — General Motors is investing $2.2 billion at its Detroit-Hamtramck assembly plant to produce a variety of all-electric trucks and SUVs. Production of GM’s first all-electric truck is scheduled to begin in late 2021. Detroit-Hamtramck will be GM’s first assembly plant fully dedicated to electric vehicles. When the plant is fully operational, the investment will create more than 2,200 manufacturing jobs. GM also plans to invest an additional $800 million in supplier tooling and other projects related to the launch of the new electric trucks. The plant’s paint and body shops and general assembly area will receive comprehensive upgrades, including new machines, conveyors, controls and tooling. Approximately 900 people are employed at the Detroit-Hamtramck plant, which currently builds the Cadillac CT6 and the Chevrolet Impala. The plant will be idled for several months beginning at the end of February once renovations begin.
TROY, MICH. — Full-service law firm Garan Lucow Miller PC has leased 13,285 square feet at Timberlands IV, one of the three Class A office buildings within Timberlands Office Park in Troy. The building is situated at 1450 W. Long Lake Road. The law firm is relocating its Troy office after 25 years in its previous space at 1111 W. Long Lake Road. Bill Harvey, Chuck Howard and Neil Leising of Transwestern Commercial Services represented the landlord, FD Stonewater. Timberlands Office Park is undergoing renovations, including upgraded food service, conference centers, tenant lounges and lobbies, as well as the addition of outdoor seating areas with Wi-Fi.
ANN ARBOR, MICH. — Michigan Union at the University of Michigan has reopened following an 18-month, $85.2 million renovation. The project included electrical, mechanical and plumbing system improvements; elevator replacements and upgrades; replacement of the roof and windows; and restroom upgrades. The building now features more social space, meeting options and a newly created IdeaHub. Project architects included Integrated Design Solutions, Workshop Architects and Hartman Cox Architects. Walbridge Aldinger served as construction manager and contracted Full Spectrum Stained Glass to complete a preservation of the century-old windows. Originally built in 1919, the building spans 250,000 square feet. There are more than 44,000 enrolled students at the university.