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 27, 2023.

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:

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.

Jenifer Acosta 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:

Exchange Building, LLC - Performance Based Loan

Program: Community Revitalization
Approval Date: Dec 20, 2016
Location: Kalamazoo
Project Investment: Up to $52.69 million
Projected Jobs: 83
Projected Award Amount: Up to $6.40 million
Loan Amount: Up to $0
Loan Interest Rate: 2%
Loan Payments: Current
Project Description: