GRAND RAPIDS – Things are starting to perk up in the Michigan commercial real estate market, according to Cathy Bronkema, Partner and Executive Vice President of Cohen Financial.
Bronkema , based in Grand Rapids, should know; she closed on three deals in the fourth quarter, securing financing of about $21.5 million for investors in separate transactions.
In Michigan, “there has been healthy investor appetite,” for commercial real estate, Bronkema tells GlobeSt.com, adding that “investors want to be in the Michigan market, especially in Western Michigan.”
The transactions consisted of the acquisition of a Ramada Plaza Hotel, and a Class-A office building both in Grand Rapids and the refinancing of a Home Depot ground lease in Midland.
Bronkema arranged a $5 million SBA 504 acquisition loan with a local bank for the Ramada property. The buyer was Los Grand Rapids LLC, a national hotel operator based in Fargo, ND. The seller was unidentified.
She also secured a $6.5 million refinance loan with a life insurance company for a San Diego investor for the Home Depot ground lease.
Bronkema teamed with up Dan Rosenberg, Director of Cohen’s Chicago office, to secure a $10 million acquisition loan with a regional bank for the Comerica Building in downtown Grand Rapids. The buyers were Chicago based Franklin Partners and Bixby Capital. The seller was not disclosed.
”Economic fundamentals have improved within the state,” Bronkema tells GlobeSt.com.
“The commercial real estate market in Michigan continues to trend upwards and lenders have a growing appetite to finance more properties in this region,” Brokema says. “In 2013, I expect the positive momentum to continue in the Michigan CRE market and a continuation of attractive financing available for all property types.”