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  1. Reports & Data
  2. MBDP and MCRP Loan Portfolio

MBDP and MCRP Loan Portfolio

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

The Report was last updated on Jan 20, 2021.

Life is a Dreamtroit, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Aug 25, 2020
Location: Detroit
Project Investment: Up to $19.76 million
Projected Jobs: 1
Projected Award Amount: Up to $2.49 million
Loan Amount: Up to $2.49 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: The rehabilitation of a 82,365 square foot mixed-use development containing 81 residential units and commercial space.

Bagley Forest Property, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Jul 28, 2020
Location: Detroit
Project Investment: Up to $6.78 million
Projected Jobs: 30
Projected Award Amount: Up to $1.30 million
Loan Amount: Up to $1.30 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: The project involves the redevelopment of two buildings into a mixed-use, mixed-income development with 10 residential units and 20,500 square feet of retail in the Avenue of Fashion District in Detroit.

BRD Opportunity Zone Development, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Jun 23, 2020
Location: Bay City
Project Investment: Up to $22.00 million
Projected Jobs: 4
Projected Award Amount: Up to $1.90 million
Loan Amount: Up to $1.90 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: Five-story, 60-unit residential apartment building totaling 92,615 square feet.

3820 West End, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Jan 22, 2020
Location: Detroit
Project Investment: Up to $6.64 million
Projected Jobs: 2
Projected Award Amount: Up to $1.20 million
Loan Amount: Up to $1.20 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: New construction on one parcel of land in Detroit. Once completed, the new building will contain 30 units of residential space. 4,976 square feet of retail space and 46 parking spaces.

Jefferson VanDyke 2, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Jan 22, 2020
Location: Detroit
Project Investment: Up to $22.03 million
Projected Jobs: 39
Projected Award Amount: Up to $3.30 million
Loan Amount: Up to $3.30 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: New construction and rehabilitation of various buildings over several parcels of property. Upon completion it is anticipated the project will consist of 42 mix-income residential units, 16,841 square feet of commercial space and a 150-space parking deck

Sweetwater Development Partners, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Dec 17, 2019
Location: Muskegon
Project Investment: Up to $8.90 million
Projected Jobs: 61
Projected Award Amount: Up to $1.50 million
Loan Amount: Up to $1.50 million
Loan Interest Rate: 0%
Loan Payments: Current
Project Description:

POAH DD Sugar Hill, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Dec 17, 2019
Location: Detroit
Project Investment: Up to $36.61 million
Projected Jobs: 15
Projected Award Amount: Up to $4.00 million
Loan Amount: Up to $4.00 million
Loan Interest Rate: 3%
Loan Payments: Current
Project Description:

City Modern 440 Alfred Street LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Nov 26, 2019
Location: Detroit
Project Investment: Up to $43.07 million
Projected Jobs: 83
Projected Award Amount: Up to $7.50 million
Loan Amount: Up to $7.50 million
Loan Interest Rate: 2%
Loan Payments: Current
Project Description:

RainCheck Development, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Sep 24, 2019
Location: Detroit
Project Investment: Up to $8.16 million
Projected Jobs: 1
Projected Award Amount: Up to $1.40 million
Loan Amount: Up to $1.40 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: RainCheck Development, LLC will rehabilitate a vacant two-story building into 38 residential units. The project is expected to result in $8.1 million in total capital investment, resulting in up to a $1.4 million MCRP performance -based loan.

Kercheval Associates, LLC and IDRE3, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Mar 26, 2019
Location: Detroit
Project Investment: Up to $22.50 million
Projected Jobs: 22
Projected Award Amount: Up to $3.50 million
Loan Amount: Up to $3.50 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: The new construction of 92 residential units on the second through fourth floors occupying approximately 73,294 square feet, with approximately 6,225 square feet of ground floor retail space for total of 79,519 square feet.

Heritage Tower BC LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Nov 27, 2018
Location: Battle Creek
Project Investment: Up to $32.33 million
Projected Jobs: 15
Projected Award Amount: Up to $10.00 million
Loan Amount: Up to $1.71 million
Loan Interest Rate: 0%
Loan Payments: Current
Project Description:

HB BM East Lansing, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Sep 26, 2017
Location: East Lansing
Project Investment: Up to $126.60 million
Projected Jobs: 125
Projected Award Amount: Up to $6.75 million
Loan Amount: Up to $6.75 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: Redevelopment located in Downtown East Lansing into a 12-story mixed use building with 22,225 sf of commercial space, 273 residential market rate apartments, a 10-story building with 92 age-restricted apartments, 5 story parking with 23,917 sf commercial

The Corner Lender, LLC and Tiger Stadium Partners, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Jul 25, 2017
Location: Detroit
Project Investment: Up to $27.29 million
Projected Jobs: 150
Projected Award Amount: Up to $4.38 million
Loan Amount: Up to $4.38 million
Loan Interest Rate: 0%
Loan Payments: Current
Project Description: This project is a mixed-use development that will feature approximately 25,790 square feet of commercial space and up to 111 apartments totaling approximately 65,394 square feet of residential space.

213 Development, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Jun 27, 2017
Location: Bay City
Project Investment: Up to $10.72 million
Projected Jobs: 44
Projected Award Amount: Up to $1.40 million
Loan Amount: Up to $1.40 million
Loan Interest Rate: 2%
Loan Payments: Current
Project Description: The project will entail the historic renovation of the Crapo Building located in Downtown Bay City.

SVRC Industries, Incorporated - Performance Based Loan

Program: Community Revitalization
Approval Date: Apr 25, 2017
Location: Saginaw
Project Investment: Up to $20.69 million
Projected Jobs: 53
Projected Award Amount: Up to $3.48 million
Loan Amount: Up to $0
Loan Interest Rate: 0%
Loan Payments: Current
Project Description:

Metropolitan Hotel Partners, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Nov 22, 2016
Location: Detroit
Project Investment: Up to $34.06 million
Projected Jobs: 30
Projected Award Amount: Up to $6.50 million
Loan Amount: Up to $6.50 million
Loan Interest Rate: 5%
Loan Payments: Current
Project Description: Redevelopment of the historic Metropolitan Building into a mixed-use, approximately 110-room extended stay hotel, which will also include meeting facilities and retail space.

Strand Theater Manager, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Oct 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.

HM Ventures Group 6 LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Sep 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.

1215 Griswold LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Jul 7, 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.

Lofts on Alabama, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Jun 8, 2015
Location: Grand Rapids
Project Investment: Up to $20.00 million
Projected Jobs: 2
Projected Award Amount: Up to $3.00 million
Loan Amount: Up to $0
Loan Interest Rate: 0%
Loan Payments: Current
Project Description:
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