Michigan

440-Alfred-Bedrock
DevelopmentMichiganMidwest

Bedrock Completes Detroit Ground-Up Neighborhood

by Lynn Peisner

DETROIT — Bedrock has completed City Modern, a concentration of 20 newly constructed buildings, three rehabbed historic mansions, neighborhood amenities and 31,000 square feet of retail space in Detroit’s Brush Park neighborhood. The new 8-acre neighborhood includes 450 residences in a mix of apartments, townhomes, carriage homes and condominiums. The Detroit-based master developer began the project in 2015. Six architects worked on City Modern: Hamilton Anderson Associates, Merge Architects, Lorcan O’Herlihy Architects, Studio Dwell, McIntosh Poris Architects and Christian Hurttienne. Housing includes The Residences at City Modern, which offers 286 …

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Auburn-Place-&-Beacon-Apartments-Renderings-(FSPA)-1
Affordable HousingDevelopmentMichiganMidwestNews

O’Brien, Lighthouse Break Ground on Affordable Projects in Unity Park Neighborhood of Pontiac Michigan

by Lynn Peisner

PONTIAC, MICH. — O’Brien Construction and Lighthouse, an affordable housing developer, have broken ground on Auburn Place and Beacon Place, two affordable housing developments that will consist of 94 units. The project includes both new construction and rehabilitation. Auburn Place is a new 54-unit, five-story development. Beacon Place is adjacent to Auburn Place and is a redevelopment that include 40 apartments and townhomes. Construction timelines and rent restrictions were not disclosed.

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Shea-Ravines
Affordable HousingDevelopmentMichiganMidwestNews

Woda Cooper, Cherry Health Break Ground on Affordable Housing Near Grand Rapids

by Lynn Peisner

WYOMING, MICH. — Cherry Health and Woda Cooper Cos. have broken ground on Shea Ravines, a 56-unit affordable housing community in Wyoming, about six miles south of Grand Rapids. Shea Ravines will be a LEED-certified, four-story building with an elevator. It will offer 40 one-bedroom and 16 two-bedroom apartments for singles, families and seniors who earn up to 80 percent of area median income. The property will have 20 Permanent Supportive Housing (PSH) units. These units are specifically reserved for people experiencing homelessness or people with disabilities. The PSH units …

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Eastpointe-Commons-Jonathan-Thrasher
Affordable HousingDevelopmentMichiganMidwestNews

Eastpointe Commons Redevelopment Opens in Grand Rapids

by Lynn Peisner

GRAND RAPIDS, MICH. — Eastpointe Commons, Hope Network’s $40 million redevelopment of an affordable housing complex in Grand Rapids, held its grand opening May 20. The 118-unit community now is 100 percent occupied. Located at 1460 E. Fulton St., Eastpointe Commons includes 79 one-bedroom units, 34 two-bedroom units and five three-bedroom units, catering to a variety of income levels. Construction and renovation of the former Fulton Manor property began in June 2023, led by DeStigter Architecture and Pioneer Construction. Financing sources for the project include UnitedHealth Group, which provided a …

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Sterling-Pointe
Investment SalesMichiganMidwestNews

Friedman Arranges Sale of Sterling Pointe Near Detroit

by Lynn Peisner

MONROE, MICH. — Friedman Real Estate has arranged the sale of the 108-unit Sterling Pointe Apartments located at 1166 N. Macomb St. in Monroe, about 40 miles south of Detroit. According to Apartments.com, asking rents range from $850 to $1,050 per month. The asset features a mix of one- and two-bedroom floor plans. Friedman’s Peter Jankowski and Rich Deptula represented both undisclosed parties in the transaction.

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The Waverly on the Lake in Belleville, Michigan
Investment SalesMichiganMidwestNews

Dwight Mortgage Trust Provides $88.5 Million Acquisition Loan for Community Near Detroit

by Channing Hamilton

BELLEVILLE, MICH. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided an $88.5 million bridge acquisition loan for The Waverly on the Lake in Belleville, 30 miles west of downtown Detroit. Loan proceeds will facilitate the acquisition of the property, fund capital expenditures for unrenovated units and cover closing costs for Pepper Pike Capital Partners. David Scheer of Dwight originated the loan. The garden-style community consists of 1,046 apartments on a 99-acre site along the shores of Belleville Lake. Residents have access to a boat launch and …

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Green Acres in Saginaw, Michigan
FinanceMichiganMidwest

MMCC Brokers $3.3 Million Loan for Refinancing of Michigan Portfolio

by Channing Hamilton

SANDUSKY, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.3 million loan for the refinancing of a portfolio of four properties totaling 112 units within the “Thumb Region,” the lower peninsula of Michigan. The portfolio features a mix of studio to three-bedroom units. Luke Lamoreaux of MMCC arranged the loan with a Michigan-based bank on behalf of the private borrower. The three-year loan featured a 6.9 percent interest rate with 12 months of interest-only payments followed by a 25-year amortization.

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Investment SalesMichiganMidwestNews

Marquette, DRA Sell 520-Unit Community in Ann Arbor, Michigan

by Channing Hamilton

ANN ARBOR, MICH. — Marquette Cos. and a fund managed by DRA Advisors have sold The Haven at Ann Arbor, a 520-unit community in Ann Arbor. Abacus Capital Group, a New York-based real estate investment firm, purchased the asset for an undisclosed price. At the time of sale, the community was 95 percent occupied. The Haven at Ann Arbor offers a mix of studio, one- and two-bedroom units ranging from 650 to 1,075 square feet. Community amenities include a clubhouse with resident lounge, three fitness centers, an outdoor pool with …

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Haven at Ann Arbor
Investment SalesMichiganMidwestNews

Marquette Cos., DRA Advisors Sell Haven at Ann Arbor

by Lynn Peisner

NAPERVILLE, Ill. —  Marquette Cos. and DRA Advisors have sold The Haven at Ann Arbor to Abacus Capital Group. The two parties jointly acquired the 520-unit property in 2017 when it was known as Village Green of Ann Arbor. The owners completed $13 million in renovations during their hold time. Upgrades included granite kitchen countertops, new cabinets and hardware, new lighting and plumbing fixtures. Marquette also renovated the property’s common-area amenities. The Haven at Ann Arbor was 95 percent occupied at the time of sale. The cost of the asset …

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FinanceMichiganMidwestNews

Bernard Financial Group Arranges $22 Million Refinancing for Community in New Baltimore, Michigan

by Channing Hamilton

NEW BALTIMORE, MICH. — Bernard Financial Group (BFG) has arranged a $22 million loan for the refinancing of Aspen Creek Apartments, a 776-unit asset in New Baltimore, about 40 miles north of Detroit. According to Apartments.com, the property features amenities such as a pool, fitness center, laundry facilities, playground, clubhouse, business center and conference rooms. Joshua Bernard of BFG arranged the loan through Securian Life Insurance Co. on behalf of the borrower, Aspen Creek Apartments LP.

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