Landmark Properties has partnered with Manulife Investment Management to construct The Metropolitan on South U, a 259-unit student housing community at 1208 S. University Ave. in Ann Arbor, MI. This project represents the sixth project in a build-to-core joint venture executed with the Manulife Infrastructure Fund pool.

Construction will begin imminently. Landmark Construction, the in-house general contractor for Landmark Properties, will build the project with Myefski Architects serving as architect. Peninsula Investments also partnered on the project.

“We are excited to move forward with construction on The Metropolitan on South U and bring much-needed housing to the Ann Arbor market as enrollment growth at the University of Michigan remains steady,” said Jason Doornbos, Chief Development Officer of Landmark.

The Metropolitan on South U is near the University of Michigan’s Ross School of Business, the Michigan Diag and a variety of shopping, dining and entertainment options. Fully furnished residences will feature quartz countertops, hardwood-style laminate floors, stainless steel appliances and in-unit laundry, and will come prewired for internet and cable access.

QuadReal Property Group has provided a construction loan to Core Spaces to finance the development of a student housing development at the University of Michigan in Ann Arbor.

Hub Packard will provide 15 stories of purpose-built student accommodation totaling over 1,000 beds. QuadReal has previously financed three of Core Spaces’ other student housing developments.

Located at 740 Packard Street, the development is adjacent to the campus, providing easy access to Michigan Union, Michigan Stadium, and the Diag. Construction on Hub Packard is slated to begin in January 2025, with the property set to be completed in June 2027 in time for the 2027-2028 academic year.

“In partnership with Core Spaces, and working closely with TSB Capital Advisors, we are pleased to help deliver student housing at the University of Michigan, which continues to see strong demand for high-quality student accommodations,” said Prashant Raj, Managing Director for U.S. Debt Investments at QuadReal.

IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), announced the $16,975,000 financing for the acquisition of a student housing property consisting of 62 units located adjacent to the University of Michigan’s main campus at 1700 Geddes Ave. in Ann Arbor, Michigan.

The Manhattan-based IPA Capital Markets team of Max Hulsh, Max Herzog, Marko Kazanjian, and Andrew Cohen secured the financing with A10 Capital on behalf of Havenly Ventures, a NYC-based real estate investment firm that specializes in value-add acquisitions primarily in the student housing sector.

“IPA Capital Markets successfully secured competitive bridge financing with a lender that provided maximum flexibility, allowing the borrower to execute their business plan,” said Hulsh. “The plan involves densifying the property’s oversized two-bedroom units into four-bedroom units by converting per-unit metering to bed-by-bed charging.”

BWE, a national commercial and multifamily mortgage banking company, has secured $19,750,000 in acquisition financing for a 326-unit low-rise apartment portfolio in Clinton Township, Michigan, part of the Detroit metropolitan area.

Adam Gould, senior vice president in BWE’s Detroit office, originated the three-year, value-add, non-recourse bridge loan with three years of interest-only payments and a 75 percent loan-to-cost ratio on behalf of the buyer, a regional fund that invests in workforce housing.

The Clinton Township portfolio consists of 13 low-rise buildings and features a mix of one- and two-bedroom units. Amenities include a pool, clubhouse, tennis court, on-site laundry, and ample parking.

“In this tough economic environment, we knew that working fast and closing this deal quickly was of paramount importance, so we leveraged our deep knowledge of the Southeast Michigan market and BWE’s comprehensive suite of lending products to find a capital solution that fit with the long-term business goals of our client,” said Gould.

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SVP Francisco Nacorda of Mag Mile Capital completed $23,650,000 in CMBS loans for three hotels as part of a Michigan select service hotel portfolio on behalf of the borrower, Stellar Hospitality.

The three transactions cover a Staybridge Suites in Grand Rapids, a Homewood Suites in the Detroit suburb of Novi and a TRU Hotel by Hilton in Sterling Heights, also within the Detroit metro area.

“These were difficult deals with numerous challenges including a condominium structure for one of the hotels, and less than 12 months of operating history for the other two,” said Nacorda.

“Additionally, there was a recent cash flow disruption due to labor strikes in the metro Detroit market complicating matters. However, our team was able to work with our network of lenders to pay off the existing loan and cash out the borrowers existing equity with a long-term, non-recourse loans.”

For comments, questions or concerns, please contact Paul Bubny

Hunt Real Estate Capital provided two Freddie Mac conventional loans totaling $18.3 million to refinance two multifamily properties located in Michigan for the same sponsor, ROCO Real Estate LLC. Both loans have a 10-year term with a 30-year amortization period.

“The borrower is a repeat Hunt Real Estate Capital and Freddie Mac client that is well versed in a range of commercial real estate and multifamily investing,” said Josh Messier, managing director at Hunt Real Estate Capital. “Both properties are performing well and are located in close proximity to both employment centers and major roadways.”

Hunt provided a $9.3-million conventional Freddie Mac Multifamily loan to refinance Waverly Place Apartments, a 228-unit community in Kalamazoo, MI.

Additionally, Hunt provided a $9-million conventional Freddie Mac Multifamily loan to refinance Bancroft Luxury Apartments in Saginaw, MI. It’s a renovated historical property with 152-units situated in two six-story apartment buildings.

Pictured: Waverly Place Apartments.

For comments, questions or concerns, please contact Paul Bubny

Integra Realty Resources (IRR) is expanding its Michigan footprint, acquiring Grand Rapids, MI-based Genzink Appraisal Company. The valuation and consulting firm’s second office in Michigan and 54th overall, IRR—Grand Rapids will be under the management of IRR’s newest shareholder Jeffrey Genzink (pictured).

“Grand Rapids is one of the nation’s fastest-growing economies and an important market for our clients,” said IRR chairman Anthony M. Graziano. “Jeff and his entire team at Genzink Appraisal Company bring a stellar reputation serving the West Michigan market over the past three decades, and we welcome them to our growing team.”

Founded by Genzink in 1998, Genzink Appraisal Company has grown into one of the leading private commercial appraisal firms in Western Michigan. The company has provided real estate appraisal services across a wide range of property types. The firm reportedly has extensive experience in partial takings, easement valuations and diminution-in-value assignments.

For comments, questions or concerns, please contact Paul Bubny