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 Nov 17, 2018.

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:

City Modern 440 Alfred Street LLC and Brush Park Development Company Phase I LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Mar 28, 2017
Location: Detroit
Project Investment: Up to $43.07 million
Projected Jobs: 26
Projected Award Amount: Up to $7.50 million
Loan Amount: Up to $7.50 million
Loan Interest Rate: 2%
Loan Payments: Current
Project Description: Construction of an apartment building to include approximately 69 residential units above approximately 7,874 square feet of retail space and two levels of sub-grade parking consisting of approximately 136 parking spaces.

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.

C3 Ventures Flint, LLC -

Program: Business Development
Approval Date: Jul 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: 1.5%
Loan Payments: Current
Project Description: The project is expected to generate nearly $9.7 million in capital investment and create 380 qualified new jobs, resulting in a $5.7 million Michigan Business Development Program performance-based loan which has the ability to convert to a grant.

Cosworth, LLC - Performance Based Loan

Program: Business Development
Approval Date: May 24, 2016
Location: Shelby Township
Project Investment: Up to $30.60 million
Projected Jobs: 110
Projected Award Amount: Up to $2.10 million
Loan Amount: Up to $2.10 million
Loan Interest Rate: 1%
Loan Payments: Current
Project Description:

iSourceWorldwide, LLC -

Program: Business Development
Approval Date: Apr 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:

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.

Woodward and Erskine LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Jun 8, 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.

M1 Rail - Performance Based Loan

Program: Business Development
Approval Date: Mar 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: Feb 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.

Southwest Michigan First Corp - Performance Based Loan

Program: Business Development
Approval Date: Mar 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.

Parkland Muskegon, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Feb 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.

Whitney Partners, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Jan 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.

Urban Group Development Company - Performance Based Loan

Program: Community Revitalization
Approval Date: Nov 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: Current
Project Description: Redevelopment of a contaminated property into a residential building that will be specifically targeted to young professionals.