Michigan Real Estate News

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Nonprofit Partnership Plans New Multifamily Housing

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CHN Housing Partners, a Cleveland-based nonprofit, is partnering with nonprofit Detroit Blight Busters to build new multifamily housing by Detroit’s Old Redford Neighborhood. The two nonprofits were approved to rezone the property for the project, but still need site plan approval from the city. They plan to build 48 one- to three-bedroom rental units. A “Kid’s Camp” will also be constructed for Blight Busters programs on youth fitness and nutrition. Construction is expected to start in 2023.

 

 

Bedrock LLC Snags The Largest CMBS Loan In Detroit’s History

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Bedrock LLC has refinanced 14 properties with a $430 million CMBS loan. It is the largest-ever commercial mortgage securities loan in Detroit’s history. The new seven-year loan will mature in January 2029. The portfolio has seven office buildings totaling 2.5 million square feet, five parking decks with over 5,000 spaces and two multifamily properties. The fact that the loan was issued during a global pandemic when workers are continuing to work from home speaks to the confidence of the lenders. The portfolio’s office stock and parking deck revenue are both impacted by the work-from-home trend.

 

 

Vacant Detroit Homes Rehabbed and Reoccupied

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Thousands of once-vacant Detroit homes have been rehabbed and reoccupied over the last two years. U.S. Postal Service data shows that more than 9,000 Detroit residences that were vacant in January 2020 are now occupied.  With about 4,000 once-occupied homes that are now vacant, the net increase in occupied housing is more than 6,000. The postal service data looks at whole residences, not individual units. The data shows a healthy housing market. The newly occupied properties are scattered around the city, not located in any one part.