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Rocket Promises a “Fast 15 Guarantee”
/in SE Michigan /by Tracy WillisRocket Pro TPO launched a program that guarantees financing to close in 15 days. The move is meant to convince brokers to choose them over the rival United Wholesale Mortgage. Called the “Fast 15 Guarantee,” Rocket Pro TPO plans to run the promotion until the end of the month and promises to award a $2,500 lender credit to borrowers whose loan does not close on its promised due date. Government, FHA and VA loads do not apply, and the program isn’t available in 16 states, including New York, Massachusetts and Rhode Island.
Former Rock Venue Listed For Sale
/in Detroit, SE Michigan /by Tracy WillisDetroit’s former leading rock hall is for sale. The Grande Ballroom at 8952 Grand River has been listed for $5 million. It’s currently owned by Chapel Hill Missionary Baptist Church. In its glory days, the building hosted touring guests like Led Zeppelin, Pink Floyd and the Who, along with Michigan acts like the Frost, and MC5. The Grande is listed on the National Register of Historic Places, and that status may offer a financial windfall to its developer due to the State Historic Tax Credit Program.
U.S. Pending Home Sales Decline
/in National, SE Michigan /by Tracy WillisLimited home inventory is restricting the real estate market, causing U.S. pending home sales to fall 4.1 percent in February for a fourth straight month. With a limited number of properties for sale, home price tags remain elevated. When combined with 30-year fixed mortgage rates at a three-year high, homes are less affordable. The increase in home prices and rising mortgage rates can add up to another $200 to $300 in mortgage payments per month. According to the NAR, these factors have pushed up mortgage payments by 28 percent from February of last year.
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Lafayette West Development Secures Loans
/in Detroit /by Tracy WillisBedrock Purchases Former UAW-GM Site
/in Detroit /by Tracy WillisDan Gilbert, billionaire founder and chairman of Rocket Companies Inc. has purchased the former UAW-GM Center for Human Resource building for an undisclosed price. Developers Dominic Moceri and Christos Moisides bought it a little more than a year ago, paying $34 million for it in November 2020. The purchase adds almost 1 million square feet of office space, in excess of 25 acres of land and 1,600 parking spots to his Detroit-area holdings. Earlier this year, Gilbert purchased the former Stroh family portfolio which gave him over 8.7 acres of developable land, 735 parking spaces and approximately 500,000 square feet of office building.
Historic Detroit Hotel Sold
/in Detroit /by Tracy WillisHotel developer Oxford Capital Group LLC and hedge fund Taconic Capital Advisors LP purchased the Westin Book Cadillac hotel in downtown Detroit. They assumed the $77 million in commercial mortgage-backed securities debt owed by the Ferchill Group. They’ll complete the $16.5 million tower renovations over the next two years. The property will remain open throughout the renovation. According to the Detroit Economic Growth Corp., the PA 255 tax abatement is critical the project. It freezes the property taxes at pre-improvement levels after the building has been renovated. Without it, the project would not have gone through.