Michigan

Developer Stephen Ross to Contribute $100M for Detroit Center for Innovation Project

by Kristin Harlow February 24, 2020

DETROIT — Stephen Ross, philanthropist and chairman of Related Cos., has announced a $100 million gift to advance construction of the Detroit Center for Innovation (DCI). The project, which will be located on the former Wayne County Jail site on Gratiot Avenue will also be made possible by a contribution of land from Quicken Loans founder Dan Gilbert. The first phase of construction for the 14-acre project is expected to begin in 2021. Anchoring the project will be a 190,000-square-foot research and education center to be operated by the University of Michigan. Designed by architecture firm Kohn Pedersen Fox, the center will serve up to 1,000 graduate and senior-level undergraduate students pursuing degrees in high-tech innovation fields such as mobility, artificial intelligence, data science, cybersecurity and financial technology. The initial phase of the DCI will also include incubator and start-up services for entrepreneurs, collaboration space, residential units, a hotel and conference center. Ross has previously given nearly $400 million to the university.

February 24, 2020

Development Michigan Midwest Multifamily Seniors Housing

Ciena Healthcare Opens $23M Skilled Nursing Facility in Detroit

by Kristin Harlow February 21, 2020

DETROIT — Ciena Healthcare has opened Regency at Chene, a $23 million rehabilitation and skilled nursing center located at 2295 E. Vernor Highway in Detroit. The property includes 46 private suites, 55 semi-private suites and four bariatric suites. Each has a private bathroom. Amenities include three dining rooms, lounges, a café, library, beauty shop and salon. More than 200 full-time and part-time employees will work at the 93,652-square-foot facility.

February 21, 2020

Development Michigan Midwest Multifamily Student Housing

Trinitas to Break Ground on 682-Bed Student Housing Community Near University of Michigan

by Kristin Harlow February 20, 2020

ANN ARBOR, MICH. — Trinitas Ventures is set to break ground on The One, a 682-bed student housing community located near the University of Michigan campus in Ann Arbor. The development will offer one-, two-, three-, four- and five-bedroom, cottage-style units. Shared amenities will include a fitness center, business center, game room, resort-style swimming pool, fire pit, private study lounges, basketball and volleyball courts and a shuttle service to campus. A Trinitas-managed investment entity has provided equity financing for the project, and PNC Bank is providing construction financing. A timeline for the development, located at 2601 Pontiac Trail, has yet to be announced.

February 20, 2020

Market Reports Michigan Midwest Midwest Market Reports Office

Investors Note Steady Supply, High Demand Within Detroit’s Office Market

by Kristin Harlow February 20, 2020

While there are plenty of news stories touting Detroit’s comeback, it’s the actual 2019 year-end numbers backing up the claims with solid momentum in the office and lending sectors. And the numbers are capturing the attention of national investors, not to mention lenders who were on the bench for years and years. Office occupancy Office vacancy across metropolitan Detroit decreased from 24.5 percent in 2013 to 13.8 percent as of the fourth quarter of 2019, according to national leasing firm CBRE. Asking rates have climbed since 2009 and vacancy rates have dropped. These figures even include the 23 percent-vacant Southfield submarket and the 19.5 percent-vacant Auburn Hills submarket, which with their combined total square footage account for 23.4 percent of the total metropolitan Detroit office market, dragging up the total average vacancy rate. Focusing on the central business district (CBD), the post-recession predictions of a city powering through the real estate cycle are holding true. The total direct office vacancy in JLL’s latest Detroit CBD Skyline report is 7.7 percent. That figure includes approximately 500,000 vacant square feet in the GM-owned and largely self-occupied Renaissance Center (RenCen) complex. Remove the RenCen from the equation, and the Detroit CBD skyline (i.e. …

February 20, 2020

Loans Michigan Midwest Multifamily Seniors Housing

BB&T Secures $70.2M Bond Financing for Clark Retirement Campus Expansion in Michigan

by Kristin Harlow February 11, 2020

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.

February 11, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges Sale of 84-Unit Apartment Complex in Durand, Michigan

by Kristin Harlow February 10, 2020

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.

February 10, 2020

Leasing Activity Michigan Midwest Retail

Gerdom Realty Negotiates Two Retail Leases at Shopping Center in Sterling Heights, Michigan

by Kristin Harlow February 10, 2020

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.

February 10, 2020

Acquisitions Michigan Midwest Retail

Gerdom Realty Negotiates Sale of 23,000 SF Retail Center in Livonia, Michigan

by Kristin Harlow February 5, 2020

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.

February 5, 2020

Hospitality Loans Michigan Midwest

Mag Mile Capital Arranges $23.6M Refinancing for Michigan Hotel Portfolio

by Kristin Harlow January 31, 2020

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.

January 31, 2020

Loans Michigan Midwest Multifamily ORIX

Hunt Provides $18.3M Refinancing for Two Multifamily Properties in Michigan

by Kristin Harlow January 31, 2020

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.

January 31, 2020

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