Develop Michigan, Inc. (DMI) has announced the closing of an $8 million mezzanine loan to support the development of an industrial and commercial corridor in Grand Rapids, MI and Lansing, MI. Developed by a partnership between First Holding, Milford & Singer Co., and CG Emerson Real Estate Group, the renovation of the six scattered sites will support the booming economic development and revitalization currently underway in Grand Rapids by providing access to innovative commercial and industrial space.
Located near the Grand River just south of downtown Grand Rapids, the buildings included in the Grand Rapids Industrial Complex were constructed in the later part of the 19th century and the early 20th century. The revitalization of the buildings will preserve the historic value while bringing much needed updates and unique renovations to each of the buildings.
“Recognized by the Wall Street Journal as the 2nd best place to live in the U.S., Grand Rapids has quickly become a high-profile, vibrant destination known for its arts community, cultural attractions, and a business-friendly infrastructure offering opportunities for companies of any size,” said Rick Laber, DMI President. “The Grand Rapids Industrial Complex will provide spaces that will support Grand Rapids emergence as a top-rated place to live, work and play. DMI is excited to provide financing that makes this impactful project possible.”
DMI finances commercial real estate, including mixed-use commercial and residential properties, office buildings, light industrial facilities, warehouses and retail. DMI provides capital across the financing spectrum and is a competitive source for mezzanine and equity capital. Click here for more information on DMI programs and funds.