STERLING HEIGHTS, MICH. — Bernard Financial Group (BFG) has arranged a $4.2 million loan for the refinancing of a 231-unit community in the northern Detroit suburb of Sterling Heights. Dennis Bernard and Joshua Bernard of BFG arranged the loan through One Durham LP. Symetra Life Insurance Co. on behalf of the borrower, One Durham LP.
CLINTON TOWNSHIP, MICH. — BWE has secured $19.8 million in acquisition financing for a portfolio totaling 326 units in the Detroit suburb of Clinton Township. The portfolio consists of 13 low-rise buildings. The properties offer a mix of one- and two-bedroom units, as well as amenities like a pool, clubhouse, tennis court, on-site laundry and parking. Adam Gould of BWE’s Detroit office originated the value-add, non-recourse bridge loan, which features three years of interest-only payments and a 75 percent loan-to-cost ratio. The buyer was a regional fund that invests in …
PORTAGE AND MT. PLEASANT, MICH. — JLL Capital Markets has negotiated $30 million to refinance Davis Creek Apartments and Canterbury East in Michigan. JLL represented the borrower, The Millennia Cos., to secure the loan through Citigroup Inc. Jillian Mariutti and Alex Staikos led the JLL Capital Markets Debt Advisory team. Situated at 5419 Meredith Street in Portage, Davis Creek Apartments was built in 1969 and renovated in 2013. The property comprises a total of 407 apartments, including 33 studios, 276 one-bedroom and 98 two-bedroom units. Amenities include two enclosed dog parks, …
SOUTHFIELD, MICH. — Bernard Financial Group (BFG) has arranged an $8.5 million loan to refinance a 334-unit multifamily property in the Detroit suburb of Southfield. Dennis Bernard and David Ruff of BFG negotiated the loan through Securian Life Insurance Co. Pine Aire Investors LLC was the borrower.
BROWNSTOWN, MICH. — Friedman Real Estate has negotiated the sale of a 180-unit community located at 21901 Stratford Place Blvd. in Brownstown, a southern suburb of Detroit. Four Corners Development Group acquired the asset from an undisclosed seller for $25.7 million. Friedman Real Estate’s Peter Jankowski and Rich Deptula represented both the buyer and seller in the deal.
DETROIT — Friedman Communities, a Friedman Real Estate company, has taken over managing services for a portfolio of more than 1,500 units within the city of Detroit, including several historic buildings. The portfolio is focused on neighborhoods such as Midtown, Southwest Detroit and the East Jefferson corridor. Friedman Communities plans to renovate units within the historic buildings with stainless steel appliances, quartz countertops, new cabinetry and tiled showers.
LANSING, MICH. — Eastham Capital and Bender Cos. have acquired Briarcliffe Apartments and Townhomes, a 308-unit community located in Lansing. Eastham Capital invested in the deal through its current fund, Eastham Capital Fund VI. Bender Cos. has co-invested and will oversee the day-to-day management. Briarcliffe was built in 1976. The property was 94.8 percent occupied at the time of sale. Amenities include an indoor/outdoor pool, fitness center, sauna, garden, playground, dog park, business center and bike share program. The community also borders the South Lansing Pathway, a paved hiking trail …
COLUMBUS, OHIO — Columbus-based Woda Cooper Cos. has secured $67 million in low-income housing tax credits (LIHTC) to support the financing for five affordable housing communities in the Southeast and Midwest U.S. The North Carolina Housing Finance Agency allocated $1.2 million to Pender Crossing, a 48-unit development to be built in Wilson, North Carolina. Pender Crossing will offer one-, two- and three-bedroom units across three buildings. TightLines Designs, headquartered in Raleigh, North Carolina, is the architect for the development. Woda Cooper is partnering with the Keweenaw Bay Indian Community to …
MERIDIAN TOWNSHIP, MICH. — Woda Cooper Cos. has opened Woodward Way Apartments, a 49-unit affordable community in Meridian Township, which is 10 miles east of Lansing, Michigan. Financing for the $13.9 million property was supported with federal Low-Income Housing Tax Credits allocated by MSHDA through its competitive Qualified Allocation Plan. Units at Woodward Way Apartments are available to households earning between 30 and 80 percent of the area’s median income. In addition, eight units have attached rental assistance through Project Based Vouchers awarded by the Lansing Housing Commission. There are five …
MARSHALL, MICH. — Friedman Real Estate has arranged the $4.1 million sale of Village Green in Marshall, a city in southern Michigan. According to Apartments.com, Village Green offers one- and two-bedroom units, as well as amenities such as internet access, a playground, patios and on-site parking. Friedman’s Peter Jankowski represented the undisclosed buyer in the transaction. The seller was also not disclosed.