Michigan Real Estate News

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

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.

 

 

Dearborn Mayor Has High Hopes For Fairlane Town Center

The Dearborn Mayor hopes to turn the Fairlane Town Center site into the “heartbeat of our city.” Affordable housing and green space are only two of the many possibilities that could reinvigorate the mall. He wants to brainstorm with business leaders to improve the space. Mayor Hammoud envisions an affordable housing project, a public health project, an environmental sustainability project, and a flood mitigation project. He wants to pitch ideas to area developers to formulate a plan that will utilize the available city, county and state resources.

 

 

Detroit To Spend Pandemic Relief On Commercial Demolition

Detroit plans to spend $95 million over the next four years to get rid of or improve vacant business structures across the city. The efforts will use more than 10% of its federal COVID-19 pandemic recovery monies on commercial blight remediation. Previously, the city’s blight removal focus has been more on residential than commercial. The American Rescue Plan Act dollars is changing that. The effort isn’t just about removal, but about preparing for opportunities that will come after demolition.