Over the past decade, Detroit has undergone a period of revitalization, both culturally and economically. At the start of the early 2010s, the city’s Midtown and central business districts attracted multiple high-profile investors led by Detroit native and billionaire Dan Gilbert, the founder and chairman of Rocket Cos. (NYSE: RKT), formerly known as Quicken Loans. Gilbert’s hometown pride can’t be denied, and his investment started what is commonly referred to as the “Detroit Renaissance.” After moving the headquarters for Quicken Loans to downtown Detroit from the western suburb of Livonia …
Michigan
MIDLAND, MICH. — Berkadia has provided a $33.8 million Freddie Mac loan for the acquisition of a three-property multifamily portfolio totaling 449 units in Midland, a city in central Michigan. The communities within the portfolio include Mulberry Apartments, Robin Oaks and Perrine Pointe. According to Apartments.com, Mulberry Apartments and Robin Oaks were built in the late 1960s, while Perrine Pointe was constructed in 1945. Aaron Moll of Berkadia originated the loan on behalf of the buyer, Michigan-based LG Capital. Income Property Organization was the seller. Loan terms were not provided.
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