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MBDP and MCRP Loan Portfolio

  • The following projects have loans associated with them. In addition, some may also include a grant or other economic development vehicle to account for the complete Projected Award Amount. This report was last updated on June 17, 2015.

  • 1215 Griswold LLC – Performance Based Loan
    • Program:   Community Revitalization
      Approval Date:   July 07, 2015
      Location:   Detroit
      Project Investment:   Up to $10.32 million
      Projected Jobs:   16
      Projected Award Amount:   Up to $1.00 million
      Loan Amount:   Up to $1.00 million
      Loan Interest Rate:   1%
      Loan Payments:   Current
      Project Description:   Renovation of a vacant apartment building into mixed use residential and retail in the Capitol Park Historic District in the City of Detroit.
    C3 Venture Flint, LLC – Performance Based Grant/Loan
    • Program:   Business Development
      Approval Date:   July 26, 2016
      Location:   Flint
      Project Investment:   Up to $9.68 million
      Projected Jobs:   380
      Projected Award Amount:   Up to $5.70 million
      Loan Amount:   Up to $0
      Loan Interest Rate:   0%
      Loan Payments:   Current
      Project Description:  
    HM Ventures Group 6 LLC – Performance Based Loan
    • Program:   Community Revitalization
      Approval Date:   September 22, 2015
      Location:   Detroit
      Project Investment:   Up to $22.29 million
      Projected Jobs:   48
      Projected Award Amount:   Up to $3.50 million
      Loan Amount:   Up to $3.50 million
      Loan Interest Rate:   5%
      Loan Payments:   Current
      Project Description:   A historic rehabilitation into a 104-room mixed use Hotel.
    iSourceWorldwide, LLC – Performance Based Grant/Loan
    • Program:   Business Development
      Approval Date:   April 26, 2016
      Location:   Flint
      Project Investment:   Up to $2.65 million
      Projected Jobs:   100
      Projected Award Amount:   Up to $3.00 million
      Loan Amount:   Up to $0
      Loan Interest Rate:   0%
      Loan Payments:   Current
      Project Description:  
    M1 Rail – Performance Based Loan
    • Program:   Business Development
      Approval Date:   March 25, 2014
      Location:   Detroit
      Project Investment:   Up to $131.96 million
      Projected Jobs:   41
      Projected Award Amount:   Up to $10.00 million
      Loan Amount:   Up to $10.00 million
      Loan Interest Rate:   2%
      Loan Payments:   Current
      Project Description:   The M1 Rail project is a three-mile modern streetcar project to be constructed along Woodward Avenue from Larned Street in the Central Business District to Grand Boulevard in the New Center area in the City of Detroit.
    Midland DTH, LLC – Performance Based Loan
    • Program:   Community Revitalization
      Approval Date:   February 25, 2014
      Location:   Midland
      Project Investment:   Up to $22.97 million
      Projected Jobs:   46
      Projected Award Amount:   Up to $4.78 million
      Loan Amount:   Up to $4.78 million
      Loan Interest Rate:   0%
      Loan Payments:   Current
      Project Description:   Mixed-use, five-story redevelopment in the heart of downtown Midland.
    Parkland Muskegon, LLC – Performance Based Loan
    • Program:   Community Revitalization
      Approval Date:   February 27, 2013
      Location:   Muskegon
      Project Investment:   Up to $10.70 million
      Projected Jobs:   2
      Projected Award Amount:   Up to $1.95 million
      Loan Amount:   Up to $1.95 million
      Loan Interest Rate:   0%
      Loan Payments:   Delinquent
      Project Description:   Renovation of one of the only remaining buildings left following the demolition of most of the structures that formerly comprised the downtown Muskegon Mall.
    Southwest Michigan First Corp – Performance Based Loan
    • Program:   Business Development
      Approval Date:   March 27, 2013
      Location:   Kalamazoo
      Project Investment:   Up to $4.26 million
      Projected Jobs:   0
      Projected Award Amount:   Up to $4.00 million
      Loan Amount:   Up to $4.00 million
      Loan Interest Rate:   1%
      Loan Payments:   Current
      Project Description:   Loan to support the development of the Newell Rubbermaid facility, a consolidated new product design and testing facility to be staffed by approximately 100 professionals dedicated to world-class creative design.
    Strand Theater Manager, LLC – Performance Based Loan
    • Program:   Community Revitalization
      Approval Date:   October 27, 2015
      Location:   Pontiac
      Project Investment:   Up to $19.69 million
      Projected Jobs:   90
      Projected Award Amount:   Up to $4.50 million
      Loan Amount:   Up to $4.50 million
      Loan Interest Rate:   1%
      Loan Payments:   Current
      Project Description:   Historic renovation of the Strand Theater which will activate the long-vacant space into a theater and performing arts center, a restaurant and food service facility and an educational and community venue.
    Urban Group Development Company – Performance Based Loan
    • Program:   Community Revitalization
      Approval Date:   November 28, 2012
      Location:   Ann Arbor
      Project Investment:   Up to $37.05 million
      Projected Jobs:   6
      Projected Award Amount:   Up to $3.00 million
      Loan Amount:   Up to $3.00 million
      Loan Interest Rate:   0%
      Loan Payments:   Delinquent
      Project Description:   Redevelopment of a contaminated property into a residential building that will be specifically targeted to young professionals.
    Whitney Partners, LLC – Performance Based Loan
    • Program:   Community Revitalization
      Approval Date:   January 23, 2013
      Location:   Detroit
      Project Investment:   Up to $0
      Projected Jobs:   0
      Projected Award Amount:   Up to $7.50 million
      Loan Amount:   Up to $7.50 million
      Loan Interest Rate:   7%
      Loan Payments:   Current
      Project Description:   Renovation of the historic David Whitney building located in the City of Detroit.
    Woodward and Erskine LLC – Performance Based Loan
    • Program:   Community Revitalization
      Approval Date:   June 08, 2015
      Location:   Detroit
      Project Investment:   Up to $61.28 million
      Projected Jobs:   50
      Projected Award Amount:   Up to $1.50 million
      Loan Amount:   Up to $1.50 million
      Loan Interest Rate:   5%
      Loan Payments:   Current
      Project Description:   Construction of a five-story mixed use retail and residential building including one level of underground parking located in the Brush Park area of the City of Detroit.
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