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 24, 2024.
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: |
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 $3.00 million |
| Loan Interest Rate: | 0% |
| Loan Payments: | Current |
| Project Description: |
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. |
Lofts on Michigan, LLC - Performance Based Loan
| Program: | Community Revitalization |
|---|---|
| Approval Date: | Aug 26, 2014 |
| Location: | Grand Rapids |
| Project Investment: | Up to $15.15 million |
| Projected Jobs: | 4 |
| Projected Award Amount: | Up to $2.45 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: | 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 Corporation - Performance Based Loan
| Program: | Business Development |
|---|---|
| Approval Date: | Apr 1, 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: | Current |
| 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. |