DAVISON, MICH. — Bernard Financial Group has arranged an $18 million CMBS loan to refinance Lions Gate Luxury Apartments in Davison, located near Flint. The apartment community consists of 192 rental units within six, four-story buildings. Kevin Kovachevich of Bernard Financial Group arranged the loan on behalf of the borrower, Tshuva Roco Lions Gate LLC.
Midwest
UTICA, MICH. — Love Funding has arranged a $12.9 million loan for the construction and permanent financing of Encore Townhomes, an 80-unit, market-rate apartment community in the Detroit suburb of Utica. Bruce Gerhart of Love Funding secured the loan for the borrower, Tiburon Investments Utica LLC, through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. Using the program allows borrowers to obtain low fixed-rate, non-recourse financing for a 40-year term, in addition to the initial 17-month construction period. The project includes 13 garden-style, two-story buildings situated next to a newly built luxury condominium development. Residents of Encore Townhomes will share access to the condominium’s clubhouse, outdoor pool, fitness room, business center and other amenities at no additional cost to their rent. Tiburon Investments Utica is developing the project. Fairview Construction Inc. is building the project and Progressive Associates Inc. is providing architectural services.
CLEAR LAKE, IOWA — Dougherty Funding has provided a $3.5 million first mortgage loan for the refinancing of the Best Western Holiday Lodge in Clear Lake, approximately nine miles west of Mason City. Clear Lake Hotel Associates LLC was the borrower. The 136-room hotel is situated on approximately seven acres and includes a Bennigan’s Grill & Tavern restaurant. The property features a heated indoor swimming pool, 24-hour exercise facility, business center/work area, and 5,600 square feet of meeting space. Clear Lake Hotel Associates has begun upgrading the guestroom bathrooms and is planning to make improvements to the interior of the Bennigan’s restaurant.
MINNEAPOLIS — PCCP LLC has provided a $43.1 million senior loan to Provident Real Estate Ventures LLC for the renovation and repositioning of Mayo Clinic Square, a 217,354-square-foot mixed-use project in downtown Minneapolis, formerly known as Block E. Located at 600 Hennepin Ave., the property was originally developed in 2001 as a mixed-use shopping and entertainment center. The building is now undergoing a renovation to the exterior façade, interior atrium and skyway level entrance. Several new restaurant spaces are also being added. The property also features a parking deck and billboard space. Earlier this year, the Mayo Clinic announced that it would open a sports medicine facility in partnership with the Minnesota Timberwolves and Lynx Ownership group. The facility will focus on sports medicine, enhanced athletic training, rehabilitation and physical therapy. The sports medicine facility is scheduled to open later this year. The Timberwolves have signed a long-term lease to use the property as its corporate office and state-of-the-art practice and training facility.
BROOKLYN PARK, MINN. — United Properties has broken ground on Northcross Business Park, a 36-acre site at the intersection of Minnesota State Highway 610 and U.S. Highway 169 in Brooklyn Park. The site will include the headquarters for Wurth Adams Nut & Bolt Co., Perbix Machine Co. Inc., and a speculative industrial building. The Minnesota Department of Employment and Economic Development (DEED) awarded funds from the Minnesota Job Creation Fund to Wurth Adams and Perbix for their expansions. Minnesota Gov. Mark Dayton and other officials attended a groundbreaking ceremony for the development on Tuesday, Aug. 5.
UNIVERSITY PARK, ILL. — Darwin Realty & Development Corp. has brokered the sale of a 319,683-square-foot industrial building in University Park, 37 miles south of Chicago. The property is located at 2635 Federal Signal Drive. An affiliate of Premier Transportation has purchased the industrial building for the expansion and consolidation of its Chicago area operation. Headquartered in Atlanta, Premier Transportation specializes in providing integrated transportation and logistics solutions to the retail and consumer products industries nationwide. The 21-acre site in Will County is situated with frontage on I-57. The building features 32-foot clear height ceilings, nearly 7,000 square feet of office space, 22 exterior docks with levelers, two drive-in doors, an ESFR sprinkler system, 200 trailer parking positions and parking for 80 cars. George Cibula and Rick Daly of Darwin represented the seller, a private investment group, in the transaction. Jason West and Sean Henrick of Cushman & Wakefield worked on behalf of the buyer.
LAKE ORION, MICH. — Friedman Integrated Real Estate Solutions has arranged the lease of a 2,200-square-foot retail space at 16 W. Flint St. in Lake Orion, approximately 40 miles north of Detroit. The landlord, Luc Enterprises LLC, leased the space to Shadrach, Meshach & ABeanToGo Inc. The tenant is expanding from its first coffee shop in Goodrich and opening another store at this location. Larry Schultz of Friedman represented the landlord in this transaction.
DETROIT — Olympia Development of Michigan, a company of Ilitch Holdings Inc., has released plans to transform dozens of underutilized blocks between downtown and midtown Detroit into a sports and entertainment district, including a new arena for the Detroit Red Wings hockey team. The Detroit Free Press reports the development is a $650 million project. In April, the city's Downtown Development Authority (DDA) approved Barton Malow-Hunt-White to serve as the general contractor for the construction of the new 650,000-square-foot multipurpose center. The new events center is a part of the public-private development project that includes a $200 million investment by Olympia Development of Michigan to redevelop an underutilized area in downtown Detroit. The project will connect existing and new development efforts in downtown and midtown Detroit along Woodward Avenue into five walkable, livable mixed-use district neighborhoods. Development in the district will be integrated with existing sports and entertainment venues in or adjacent to the space, including the Fox Theatre, Comerica Park, MotorCity Casino Hotel, Ford Field, the Detroit Opera House, the Fillmore Detroit and more. The new arena is set to open in the summer of 2017. The project is expected to have a total economic impact of at least …
APPLE VALLEY, MINN. — Baceline Investments LLC has sold a 25,500-square-foot, multi-tenant retail center in Apple Valley to Wellington Management Inc. for $4.6 million. The Denver-based boutique real estate investment and management company purchased the property in 2009 for $3.16 million. Pinnacle Ridge Retail Centers, south of downtown Minneapolis, was acquired as part of Baceline’s No Debt Real Estate Fund III. The purchase also included a 1.24-acre land lease to Discount Tire. Other tenants at the property include T-Mobile and Anytime Fitness. Baceline’s strategic model is to purchase cash-flowing real estate without the use of debt in America’s Heartland, an approach that David Puchi, principal of Baceline Investments, says continues to yield rewards for investors.
OAK BROOK, ILL. — Morgan/Harbour Construction has completed a 130,000-square-foot build-to-suit office project for Hub Group in Oak Brook, a suburb of Chicago. The asset-light freight transportation management company relocated its headquarters and consolidated nearly 500 employees from several locations in Illinois at the new ground-up, four-story building located at 2000 Clearwater Drive. The new facility sits on a 17-acre site in the I-88 tech corridor. Upon demolition of an existing building and site preparation, Morgan/Harbour constructed the new building to feature open work areas, semi-private offices, executive offices and conference rooms throughout the building. The firm also incorporated freight containers within the space to serve as informal meeting spaces. The facility also features underground parking, natural habitat landscaping, ponds and walking trails. The site has the capacity for an additional 200 employees. Additional features include a high-efficiency HVAC system, energy-efficient lighting controls and storm water harvesting. The property is LEED Gold certified. Morgan/Harbour’s Warren Seil and Ben Warriner led the project team, which also included Graeme Foster and Jim McCarron. Solomon Coldwell Buenz provided the architectural services.