AURORA AND KANKAKEE, ILL. AND NOVI, MICH. — Walker & Dunlop Inc. has provided $37 million in financing for two senior living facilities in Illinois and one in Michigan. Walker & Dunlop provided $14.9 million for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, Ill.; $14.9 million for WellBridge of Novi, a 100-bed skilled nursing facility in Novi, Mich.; and $7.4 million for Asbury of Kankakee, a 98-bed supportive living facility in Kankakee, Ill. Joshua Rosen of Walker & Dunlop led the origination team, which utilized HUD’s Lean 232/223(f) refinance program. The permanent financing for The Grove Fox Valley will replace existing debt previously provided by Walker & Dunlop’s bridge lending program. The permanent financing for WellBridge of Novi and Asbury of Kankakee enabled each of the property owners to refinance both their current bank and partnership debt.
MICHIGAN — Michigan Gov. Gretchen Whitmer has signed a statewide executive order to reopen retail businesses and auto dealerships by appointment starting Tuesday, May 26. The order also authorizes nonessential medical, dental and veterinary procedures starting Friday, May 29. Michigan residents are now able to gather in small groups of 10 people or less, as long as they practice social distancing. Businesses that open must provide COVID-19 training to workers.
MIDLAND COUNTY, MICH. — Michigan Gov. Gretchen Whitmer has declared a state of emergency for Midland County after the Edenville and Sanford Dams breached. Shelters have opened across Midland County and are available to residents who need a place to evacuate. The Tittabawassee River reached an historic high of 35 feet, according to the National Weather Service. The river is considered in a flood stage at 24 feet. Downtown Midland, a city of 42,000, faced an especially serious flooding threat, according to Whitmer.
LANSING, MICH. — The Michigan Strategic Fund (MSF) has voted to approve the brownfield and tax-increment financing (TIF) plan for the Red Cedar project, a $256 million mixed-use development along Michigan Avenue in Lansing. The approval gives the developer, Continental/Ferguson Lansing LLC, the green light to move forward with construction. The developer expects to break ground on 181 market-rate apartments as well as an assisted living and memory care facility late this summer. A 792-bed student housing component is scheduled for completion in fall 2021. Construction of two dual-brand hotels, Hyatt House and AC Hotel by Marriott, is set to begin next year. Plans also call for a restaurant, retail space and a public park with an amphitheater and connection to the Lansing River Trail. The 35.5-acre project will connect the Lansing State Capitol to Michigan State University and adjacent communities along the Michigan Avenue corridor. The project will redevelop the long-abandoned Red Cedar golf course site. The MSF rejected a previous version of the project in March, according to Lansing City Pulse. The Lansing Brownfield Redevelopment Authority approved the local portion of the plan last year. “The approval of the project is positive news, especially with the unforeseen economic …
MICHIGAN — Michigan Gov. Gretchen Whitmer has signed an executive order to partially reopen the economies of the Upper Peninsula and Traverse City regions starting this Friday, May 22. Retail businesses, including bars and restaurants, will be able to open with 50 percent capacity. Some offices will also be allowed to open if the work can’t be done remotely. Cities, villages and townships may choose to take a more cautious approach if they choose because the order does not abridge their authority to restrict the operations of restaurants or bars.
LIVONIA AND ST. CLAIR SHORES, MICH. — The YMCA of Metropolitan Detroit has permanently closed two of its branches. The facilities in Livonia and St. Clair Shores are not financially sustainable and have operated at a deficit for nearly a decade, according to Helene Weir, president and CEO of the YMCA of Metropolitan Detroit. The Livonia branch has lost $1.2 million over the last 10 years, while the St. Clair branch has lost $630,000 during the same period. The two facilities officially closed on Friday, May 15. Once YMCA facilities reopen, members of the closed locations will be able to transfer their memberships to either Auburn Hills, Birmingham, Detroit, Downriver, Farmington, Macomb, Milford or Royal Oak.
GRAND RAPIDS AND KENTWOOD, MICH. — Two new Popeyes Louisiana Kitchen locations are slated to open in West Michigan this summer. A restaurant at 5448 Division Ave. SE in Kentwood is scheduled to open on June 29. The second restaurant, located at 2446 28th St. SE in Grand Rapids, is expected to open in early August. Franchisee Anthony Basile will operate both locations. Colliers West Michigan worked with Basile to secure the locations. Chris Prins of Colliers represented Popeyes. There are more than 2,700 Popeyes restaurants in the U.S. and around the world.
ANN ARBOR, DETROIT AND TRAVERSE CITY, MICH. — Knighthead Funding LLC has provided three separate loans totaling $37.3 million for three multifamily projects in Michigan. Knighthead provided a Michigan-based developer with a $17.7 million first mortgage loan to finance the completion of a four-story, 78-unit building in Traverse City. Located at 155 Garland St., the property will feature 162 parking spaces and 9,716 square feet of ground-level retail space. In the second financing, Knighthead provided Greatwater Opportunity Capital with a $10.8 million loan for the acquisition and renovation of two multifamily buildings in Midtown Detroit. The properties, totaling 118 units, are located within an opportunity zone in the Cass Corridor. Lastly, Knighthead provided an $8.8 million loan for the construction of a 19-unit condominium building in downtown Ann Arbor. Known as The Gallery, the property is 50 percent pre-sold. It will be situated in the Old West Side neighborhood and within walking distance of the University of Michigan. Ann Arbor Builders Inc. was the borrower.
CLAWSON, MICH. — SRS Real Estate Partners has brokered the $4.6 million sale of an 18,549-square-foot property occupied by Aldi in Clawson, a northern suburb of Detroit. The building serves as an anchor to the larger Clawson Shopping Center, which is home to Staples, Rite Aid and Dollar Tree. Patrick Luther and Matt Mousavi of SRS represented the seller, a Texas-based real estate holding company. Frank Rogers and Michael Carter of SRS represented the buyer, a Midwest-based private investor completing a 1031 tax-deferred exchange. The sales price represents a cap rate of 5 percent.
NEW HUDSON, MICH. — Greystone Real Estate Advisors has provided a $26.2 million Fannie Mae loan for the refinancing of Pendleton Park Apartments in New Hudson, about 10 miles west of Novi. Built in 2001, the 240-unit multifamily property offers one-, two- and three-bedroom floor plans as well as two-story, loft-style units. Amenities include a clubhouse, fitness center, theater, pool, outdoor kitchen and tennis courts. Cary Belovicz of Greystone sourced the deal while Clint Darby of Greystone originated the financing. The borrower was undisclosed.