Multifamily news in Market Rate Housing - Detroit
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JV Breaks Ground on Detroit Community
A partnership of The Roxbury Group, Invest Detroit, Capital Impact Partners and the Michigan Economic Development Corp. is spearheading the development.
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LR Management Buys Detroit-Area Community
The acquisition of the 62-unit asset in Farmington Hills, Mich., was subject to a $3.5 million Fannie Mae loan from Greystone.
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Trio of Midwest Communities Commands $100M
With this acquisition, The Habitat Co. enters the Minnesota market while expanding its multifamily portfolio in Michigan to more than 2,500 units.
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Detroit-Area Community Scores $23M Refi
Berkadia secured a 15-year Fannie Mae loan for the 180-unit garden-style property located less than 5 miles from downtown Rochester.
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Greystone Refinances MI Multifamily Asset
The $11.3 million Fannie Mae loan features a 10-year term and 30-year amortization period. The property is Ranches of Rosebrook in Ypsilanti.
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Detroit-Area Asset Changes Hands
The 129-unit Kings Gate in Sterling Heights traded with the help of a $7 million loan. The property is close to several shopping centers and educational institutions.
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CAPREIT Lands $77M Refi for Midwest Portfolio
The assets include The Kensington at Beverly Hills in Michigan, Valle Vista Armes Apartments in Indiana, Greenway Chase Apartments in Missouri and Pointe West Apartments in Iowa.
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Detroit-Area Communities Receive $47M Financing
Both Fannie Mae Green Rewards loans include a 10-year term and a low fixed rate. Greystone originated the refinancing on behalf of Singh Development Co.
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Detroit Community Reopens Following $12M Renovation
The Hamilton Midtown, a 105-year-old historic building previously known as Milner Arms, underwent an extended renovation that lasted more than a year.
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Detroit-Area Portfolio Sells for $20M
Coseo Properties offloaded the two communities, totaling 326 units, five years after acquiring them from the Slatkin Corp. for approximately $11.6 million.
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Detroit-Area Community Lands $87M Refi
The new mortgage, held by PGIM Real Estate Finance, pays down a previous $70 million CMBS loan on the 667-unit property.
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Andover Real Estate, M Group Acquire Detroit Community
Carlton Apartments has 144 units and is located in the Lafayette Park area of the city. Greystone provided the Fannie Mae Green Rewards financing for the acquisition.
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On the Market: 5 Interesting Listings for the Week of 8/17
This week's list of properties includes a high-end community in Oakland, Calif.; a vintage asset in the Detroit metro area; and an under-construction mid-rise in Jamaica, N.Y.
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Mixed-Income Development Receives City Council Approval in Detroit
Bedrock Detroit and Woodborn Partners will develop a 900-unit residential neighborhood on the former Frederick Douglass public housing site, one of the largest vacant properties in the city.
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Detroit to Welcome $102M Brush Park Developments
Brush House, Brush 8 and Brush + Watson will bring 367 new units to to the city's historic neighborhood. About one third of the units will be affordable.