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 Apr 19, 2024.

Maple Block Flats LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Apr 16, 2024
Location: Petoskey
Project Investment: Up to $49.37 million
Projected Jobs: 4
Projected Award Amount: Up to $2.00 million
Loan Amount: Up to $2.00 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: Redevelop the former Michigan Maple Block Manufacturing building into an eight building, 204-unit multi-family development.

Hotel Rose, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Mar 26, 2024
Location: Rockford
Project Investment: Up to $14.00 million
Projected Jobs: 40
Projected Award Amount: Up to $3.25 million
Loan Amount: Up to $3.25 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: Hotel Rose, LLC to redevelop the vacant parcel located at 12 S. Main Street NE, Rockford into an approximately 40,370 sq ft, 3-story hotel with 54 rooms, approximately 2,645 sq ft of restaurant space, & 7,495 sq ft of leased retail.

Oxford Perennial -

Program: Community Revitalization
Approval Date: Dec 12, 2023
Location: Detroit
Project Investment: Up to $12.88 million
Projected Jobs: 0
Projected Award Amount: Up to $2.22 million
Loan Amount: Up to $2.22 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: Historic rehab of an existing ap. 35,992 SF, 2-story, former industrial building, into multi-family living. Consisting of 28 new rental units - with common and amenity space.

Left Field II 2022, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Dec 12, 2023
Location: Detroit
Project Investment: Up to $16.35 million
Projected Jobs: 0
Projected Award Amount: Up to $2.72 million
Loan Amount: Up to $2.72 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: Left Field B is a vacant facility, and the project aims to construct a new 4-story multi-family apartment building that will create 53 apartments, 14 will be restricted for 120% area median Income and 39 market rate.

The Community Builders, Inc and The Preserve on Ash I LTD Dividend Housing Association LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Dec 12, 2023
Location: Detroit
Project Investment: Up to $37.98 million
Projected Jobs: 5
Projected Award Amount: Up to $2.39 million
Loan Amount: Up to $2.39 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: Development of five buildings containing 69 mixed income <br>residential units and approximately 5,865 square feet of <br>commercial space

S&S Development Group, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Sep 28, 2023
Location: Detroit
Project Investment: Up to $12.27 million
Projected Jobs: 0
Projected Award Amount: Up to $1.00 million
Loan Amount: Up to $1.00 million
Loan Interest Rate: 0%
Loan Payments: Current
Project Description:

Olympia Development of Michigan - Performance Based Loan

Program: Community Revitalization
Approval Date: Sep 26, 2023
Location: Detroit
Project Investment: Up to $40.53 million
Projected Jobs: 10
Projected Award Amount: Up to $6.49 million
Loan Amount: Up to $6.49 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: Rehabilitation of vacant buildings in Detroit resulting in 86 market rate units

Micah 6 Community, LLC and Webster Community Center, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Jul 25, 2023
Location: Pontiac
Project Investment: Up to $23.05 million
Projected Jobs: 43
Projected Award Amount: Up to $7.60 million
Loan Amount: Up to $7.60 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: Project will rehabilitate a historic school into a community center with multiple services and amenities for the impacted neighborhood surrounding the site. The project sits west of downtown Pontiac.

Albion Reinvestment Corporation and OZB Phase I, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Mar 28, 2023
Location: Albion
Project Investment: Up to $7.91 million
Projected Jobs: 8
Projected Award Amount: Up to $3.88 million
Loan Amount: Up to $2.38 million
Loan Interest Rate: 0.5%
Loan Payments: Current
Project Description: Redevelop nine (9) functionally obsolete properties to create twenty (20) residential units and nine (9) new commercial spaces in downtown Albion.

Uptown Reinvestment Corporation, Inc. -

Program: Community Revitalization
Approval Date: Feb 28, 2023
Location: Flint
Project Investment: Up to $0
Projected Jobs: 27
Projected Award Amount: Up to $7.00 million
Loan Amount: Up to $5.50 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: construct a new 5-story mixed-use building on the 2.74-acre site totaling an estimated 110,405 square feet. The new development will contain the relocated Flint YMCA with an estimated 57,500 square feet of space on the first and second floors.

Bagley & 16, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Jun 28, 2022
Location: Detroit
Project Investment: Up to $22.82 million
Projected Jobs: 5
Projected Award Amount: Up to $3.76 million
Loan Amount: Up to $3.76 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: will construct a new four-story mixed-use, mixed-income building with four 500 square foot retail bays on the first floor and 78 residential units across approximately 47,668 square feet

GT Housing, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: May 24, 2022
Location: Sturgis
Project Investment: Up to $11.98 million
Projected Jobs: 25
Projected Award Amount: Up to $4.10 million
Loan Amount: Up to $4.10 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: The 108 W. Chicago project will construct a new, five-story mixed-use building with 23 workforce housing units and commercial space for a farm-to-table, destination restaurant with an employment program for people with disabilities.

Industry Detroit QOZB, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Mar 22, 2022
Location: Detroit
Project Investment: Up to $36.49 million
Projected Jobs: 380
Projected Award Amount: Up to $4.00 million
Loan Amount: Up to $4.00 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: Rehabilitate the former Jefferson School into approximately 119,437 square feet of flexible entrepreneurial office space with mobile partitions.

Gemini Capital Management VIII, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Feb 22, 2022
Location: Village of Merrill
Project Investment: Up to $4.07 million
Projected Jobs: 0
Projected Award Amount: Up to $1.92 million
Loan Amount: Up to $1.92 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: Rehabilitation of a two-story former school building consisting of approximately 17,449 square feet into 17 residential units and the new construction of a parking structure consisting of approx. 2,630 square feet and containing an estimated 20 spaces.

7303 West McNichols LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: May 25, 2021
Location: Detroit
Project Investment: Up to $10.44 million
Projected Jobs: 25
Projected Award Amount: Up to $1.25 million
Loan Amount: Up to $1.25 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description: This project will demolish three existing structures and result in the new construction of a 38,228 square foot mixed-use building with 38 naturally-occurring affordable units and four retail spaces.

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 $3.00 million
Loan Amount: Up to $3.00 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.

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: