Sunday, April 6, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Michigan

LoansMichiganMidwestMultifamilySeniors Housing

Bayview PACE Provides $4.3M in C-PACE Financing for Seniors Housing Property in Taylor, Michigan

by Kristin Harlow

TAYLOR, MICH. — Bayview PACE has provided $4.3 million in C-PACE financing for the 81-unit Hampton Manor-Taylor seniors housing community in Taylor near Detroit. The project sponsor is Florida-based Build Senior Living, the development arm of Hampton Manor. Licensed for 102 beds, Hampton Manor-Taylor features 65 assisted living units and 16 memory care units. The $4.3 million in C-PACE funds are part of a refinancing on the already-completed Taylor project, which is substantially leased. C-PACE, or Commercial Property Assessed Clean Energy, can be used in a variety of applications including new construction and renovations. It can be utilized to recapitalize projects completed within three years in many jurisdictions.

Continue Reading
FacebookTwitterLinkedinEmail
LoansMichiganMidwestRetail

Bernard Financial Group Arranges $10.5M Loan for Refinancing of Midwest Retail Portfolio

by Kristin Harlow

SOUTHFIELD, MICH. — Southfield-based Bernard Financial Group (BFG) has arranged a $10.5 million loan for the refinancing of a 27,819-square-foot retail portfolio across several states in the Midwest. The properties are located in Carthage, Mo.; Clinton Township, Mich.; Mountain Iron, Minn.; Westerly, R.I.; Mount Pleasant, Iowa; and Norfolk, Neb. Starbucks and T-Mobile are two of the major tenants within the portfolio. Joshua Bernard of BFG arranged the loan through Symetra Life Insurance Co.  

Continue Reading
FacebookTwitterLinkedinEmail
IndustrialLoansMichiganMidwest

District Capital Arranges $20M Loan for Refinancing of Flex Industrial Building in Southeast Michigan

by Kristin Harlow

MICHIGAN — District Capital has arranged a $20 million loan for the refinancing of a 240,000-square-foot flex industrial building in Southeast Michigan. Dave Dismondy of District Capital arranged the loan through a life insurance company. The nonrecourse loan allows for a further relaxed amortization if the lease is extended during the loan term.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMichiganMidwestRetail

EverBank Agrees to Acquire Michigan-based Sterling Bank for $261M

by Kristin Harlow

SOUTHFIELD, MICH. AND JACKSONVILLE, FLA. — Southfield-based Sterling Bancorp Inc. (NASDAQ: SBT), the holding company of Sterling Bank and Trust FSB, has entered into a definitive agreement to sell all of its shares to Jacksonville-based EverBank Financial Corp. for $261 million. The sale is subject to customary closing conditions, including regulatory approvals and approval by Sterling’s shareholders. Sterling’s board of directors has unanimously approved the transaction, which is expected to close in the first quarter of 2025. As a condition of the sale, Sterling will sell its residential mortgage loans to Delaware-based Bayview Acquisitions LLC. The closing of the loan sale is to occur immediately prior to the closing of the sale of the bank. In December 2022, Sterling engaged Keefe Bruyette & Woods to serve as financial advisor to assist in exploring and evaluating potential opportunities for a strategic combination with another bank. As that process began, Sterling was also finalizing a settlement with the U.S. Department of Justice. “Ultimately, Sterling’s board of directors determined that there was no practical way to pursue any form of standalone independent operations given the extremely high costs required and the multiple years needed to execute a new strategic vision without risking ongoing …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIndustrialLoansMichiganMidwestSelf-Storage

PACE Loan Group Provides $1.5M C-PACE Loan for Construction of Self-Storage Project in Romulus, Michigan

by Kristin Harlow

ROMULUS, MICH. — PACE Loan Group has provided a $1.5 million C-PACE loan for a 475-unit self-storage project under construction in Romulus. The 25-year loan, which closed out the $9 million capital stack, will be used for the building envelope, Energy Star windows, high-efficiency HVAC, plumbing and LED lighting. The property, located adjacent to the Detroit Metropolitan Wayne County Airport, will consist of seven one-story buildings with a mix of 298 climate-controlled units and 177 drive-up units. Completion is slated for summer 2025. Extra Space Storage will manage the property. The renewable and energy conservation measures are expected to save $57,616 annually in a payback period of 8.5 years. A local bank provided a senior loan of $5.5 million.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentHealthcareMichiganMidwestTop Stories

Henry Ford Health Breaks Ground on $2.2B Hospital Expansion Project in Detroit

by John Nelson

DETROIT — Henry Ford Health has broken ground on a 1.2 million square-foot expansion to Henry Ford Hospital, an 877-bed tertiary care hospital in the New Center residential district of Detroit. The $2.2 billion development will be anchored by a new hospital facility situated directly across the street from the legacy campus, which will remain in operation. The new facility will include a 20-story patient tower that will offer 432 individual patient rooms and 28 new operating rooms. Each room will feature touch-screen TVs and voice activation technology for both patients and care teams, as well as dedicated space for visitors. Five floors of the patient tower will be dedicated to specialized ICU rooms, which will provide cardiovascular, neurological and other forms of care. Shirley Ryan AbilityLab, a physical medicine and rehabilitation research hospital formerly known as Rehabilitation Institute of Chicago, has partnered with Henry Ford Health and will occupy three of the top floors of the patient tower. The partnership was made possible through a $130 million investment by the Gilbert Family Foundation, according to Henry Ford Health. The Gilbert Family Foundation, a Detroit-based private nonprofit foundation founded by Dan and Jennifer Gilbert, also created a $10 million fund to support …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisIndustrialIowaMichiganMidwestWisconsin

TPG Angelo Gordon Acquires 780,000 SF Midwest Manufacturing Portfolio in Sale-Leaseback with Douglas Dynamics

by Kristin Harlow

ILLINOIS, IOWA, MICHIGAN AND WISCONSIN — TPG Angelo Gordon has acquired a 780,000-square-foot, seven-building manufacturing portfolio in a sale-leaseback transaction with Douglas Dynamics Inc., a manufacturer and upfitter of commercial work truck attachments and equipment. The transaction involves the company’s facilities in Huntley, Ill.; Manchester, Iowa; Madison Heights, Mich.; Milwaukee; and Rockland, Maine. The transaction is valued at $64.2 million, and Douglas Dynamics is expected to receive net proceeds of approximately $50 million. The company intends to use the net proceeds to pay down its term loan debt and for other corporate purposes. The initial lease for the assets is 15 years, with two 10-year options to renew.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentLoansMichiganMidwestMultifamily

Hunt Capital Partners Provides $13M in LIHTC Financing for 50-Unit Tribal Housing Development in Northern Michigan

by Kristin Harlow

PETOSKEY, MICH. — Hunt Capital Partners has provided $13 million in Low-Income Housing Tax Credit (LIHTC) financing for Victories Square, a 50-unit tribal housing development in Petoskey, a city on Michigan’s Lower Peninsula. Victories Square will provide a mix of studio, one- and two-bedroom units for households earning up to 80 percent of the area median income. Eight of the residences will be set aside for tribal members and supported by a 45-year project-based rental assistance contract from the tribe. Amenities will include a community room, bike racks, onsite management and Wi-Fi in all common areas. Community Housing Network Inc. is the project developer. MI-Oaks Construction LLC, a joint venture between Miller Diversified Construction and Oakwood Construction Co., is the general contractor. Dimension IV Madison Design Group is the architect, and KMG Prestige will provide property management services. Odawa Economic Development Management Inc., the economic development arm of the Little Traverse Bay Bands of Odawa Indians, provided a $5 million soft loan comprised of funds from the tribe, the Shakopee Mdewakanton Sioux Community and the Michigan State Housing Development Authority. The Federal Home Loan Bank of Indianapolis provided a $448,000 Affordable Housing Program grant. A timeline for construction was not …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMichiganMidwestOffice

Farbman Group Completes Atrium Renovation at New Center One Office Building in Detroit

by Kristin Harlow

DETROIT — Farbman Group has completed an atrium renovation at New Center One, a 600,000-square-foot office building in Detroit’s New Center. The renovations include new furniture, faux grass and live plants installation, upgraded LED lighting and new paint for the elevator façade. Michelle Davis of Davis & Davis managed and executed the design of the new atrium. The space will serve as a lunch and meeting spot for tenants.  

Continue Reading
FacebookTwitterLinkedinEmail
Briarwood-Hines
DevelopmentMichiganMidwestMixed-UseMultifamilyRetailTop Stories

Hines, Simon Break Ground on Mixed-Use Development at Briarwood Mall in Ann Arbor

by Katie Sloan

ANN ARBOR, MICH. — A joint venture between Hines and Simon Property Group (NYSE: SPG) has broken ground on a mixed-use development at Briarwood Mall, a regional mall in Ann Arbor.  Owned by Simon, Briarwood Mall opened its doors in October 1973. The new mixed-use component of the property, which sits about 2.5 miles south of the University of Michigan, will include a four-story luxury apartment building, Harvest Market grocery store and additional retail space surrounding an activated outdoor plaza.  The partnership has broken ground on the multifamily component of the project. The community will offer 370 units in studio, one-, two- and three-bedroom configurations with in-unit washers and dryers, quartz countertops and smart home technology. Shared amenities for residents will include two open-air courtyards with seating and grilling stations, a private dog run and pet spa, fitness center, golf simulator, club room, lounge, coworking spaces and a 325-stall parking structure.  The development, which is targeting LEED certification, was partially funded through Hines U.S. Direct Investments (HUSDI). Northwestern Mutual provided a loan to facilitate the construction of the project, which is expected to take approximately two years to complete.  “It’s an exciting time for Ann Arbor as we break ground …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts