To Date DMI has Financed Project with $265 Million of Total Development Costs
Develop Michigan, Inc. (DMI) is a key financing partner for commercial real estate developers committed to fostering economic development and the revitalization of the Michigan economy.
DMI Invests $8.46 Million to Support 505 Main Milford
DMI announced the closing of an $8.46 million construction loan to support the development of 505 Main Milford, a new 38,472 square foot mixed-use building with retail and office space as well as market rate residential two-bedroom apartments. A two-story parking deck will adjoin the building.
The Village of Milford, located in Oakland County, is home to several public parks, walking trails and a vibrant downtown district. Formerly a BP gas station, the site for the new 505 Main Milford will revitalize a long vacant lot in the heart of downtown. The development will be the first of its kind in downtown Milford, designed to meet the needs of empty nesters or millennials seeking an urban, and walkable environment.
“505 Main Milford will provide Milford’s business district with high-quality space for businesses, create jobs and attract new residents to the heart of downtown,” said Rick Laber, DMI president. “DMI continues to provide sponsors with access to flexible financing solutions, a user-friendly closing process and our team of highly skilled financial experts. This investment will enhance Milford’s small-town environment and support economic development efforts underway in the Village.”
DMI Closes $4 Million Investment to Support Lafayette West
DMI also announced the closing of a $4 million acquisition loan to support LaFayette West, the new construction of 374 residences in Detroit’s Lafayette Park neighborhood. Shapero Hall, a long-vacant former Wayne State University pharmacy school, will be demolished to make room for the mixed-income, mixed-use development.
Developed by Ginosko Development, Lafayette West will include two high-rise residential towers, three mid-rise buildings with retail, commercial, or parking on each ground floor and residential loft style units or for sale townhouse units above. Market rate and affordable units will be available. Lafayette West will include amenities such as a rooftop terrace, fitness center, clubroom/resident lounge, business center, high-speed internet & Wi-Fi, 24-hour concierge service, bike sharing, dog park and an indoor/outdoor pool with hot tub. Detroit’s historic Lafayette Park provides a vibrant urban setting with easy access to restaurants, bars, sports arenas and entertainment venues.
“Lafayette West will serve as a catalyst for continued investment in this historic neighborhood,” said Laber. “To date, DMI has invested $18.5 million to support transformative development in Detroit. This investment represents the economic, community and social impact made possible by DMI’s flexible financing solutions.”
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DMI seeks out projects that support community revitalization or economic activity. We currently have funds available to invest in Michigan developments. Contact Wayne Boat at 313-544-4001 for more information.