Michigan Real Estate News

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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.

 

 

Asphalt Specialists Appeals to City Officials

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Asphalt Specialists, Inc. wants Detroit’s Board of Zoning Appeals to allow construction of an asphalt mixing facility on Detroit’s northwest side. The project had faced opposition from community members and had been rejected by Detroit’s Buildings, Safety, Engineering and Environmental Department late last year. They are proposing a 25-acre facility in an area already zoned for intensive industrial use. The site would have 50-feet-high silos for mixing and storing raw aggregate like gravel and asphalt. The proposal was rejected due to concerns about its proximity to residential neighborhoods.