Here is a roundup of the latest news concerning the COVID-19 pandemic in addition to announcements from local, state, and federal governments, as well as international channels. To share a business or nonprofit story, please send us a message.
Berkadia Secures $75M+ in Financing for Valleytree Partners Properties
Detroit-based Berkadia has secured $75.13 million in combined financing for Dearborn View, Bedford Square, and Delta Square Apartments, three garden-style multifamily Valleytree Partners properties in Michigan.
Dearborn View in Inkster secured a $31.5 million loan through a 10-year Fannie Mae SARM loan, which features five years of interest-only and a very aggressive interest rate below 2.70 percent. The property features one-, two-, and three-bedroom floor plans with in-unit washers and dryers. Community amenities include a swimming pool, a fitness center, a clubhouse, laundry facilities, and a sundeck.
Bedford Square in Rochester Hills includes one- and two-bedroom floor plans featuring walk-in closets and floor-to-ceiling windows. It secured a $35.9 million loan with a bridge lender. The loan provides the borrower with 80 percent LTC, non-recourse, and three years of interest-only payments. The community’s amenities include a pool, a basketball court, a tennis court, and laundry facilities.
Delta Square Apartments in Lansing obtained a $7.6-million loan through a 10-year Freddie Mac loan, which features a variable interest-rate below three percent, three years of interest-only payments and 75 percent loan-to-value-ratio. The property features one- and two-bedroom floor plans with central air conditioning. Amenities include an outdoor swimming pool, a sundeck, a dog park, and laundry facilities.
“(Valleytree has) been performing tremendously well on their Michigan portfolio,” says Aaron Moll, director of Berkadia’s Detroit office. “We have been very impressed with their renovations and property performance on their existing assets. It was great to be a part of these transactions.
“They have greatly improved the housing for their tenants and their investment value. I am sure Bedford Square and Delta Square will be no exception as Valleytree will implement their already proven business plan to create a better community for their residents.”
The properties are being maintained by LR Management in Troy, which now provide for 32 apartment communities.
For more information, visit here.
State Announces Winners of the 2021 Going PRO Talent Fund
Michigan Works! Southeast will receive more than $3 million from the Michigan Department of Labor and Economic Opportunity to train workers at 91 companies in the five-county region. Collectively, the 91 companies will train 1,337 employees, which includes 763 new hires and 299 U.S. Department of Labor Registered Apprenticeships.
The grant awards are part of the state’s Going PRO Talent Fund (GPTF). The fund provides competitive awards for training that enhances talent, productivity, and employee retention while increasing the quality and competitiveness of Michigan’s businesses. It ensures that employers have the talent they need to compete and grow nationally and globally, and that people have the in-demand skills they need for good jobs.
“COVID has disrupted how we work, and these trainings will help workers and their companies across our five-county region to thrive in today’s economy,” says Shamar Herron, director of Michigan Works! Southeast.
Tom Robinson, business services manager for Michigan Works! Southeast says the MWSE Business Service team will be working closely with these companies during the next few months to ensure they achieve their training goals.
“Going Pro Talent Fund” grant dollars help new and existing employees gain the skills they need to be perform their jobs safely and effectively,” says Robinson. “We are excited about the number of registered apprenticeships in our region benefiting from this grant.”
This collaboration was made possible through a partnership with Ann Arbor SPARK.
Charter Growth Capital Fund Invests in Premier Engineered Products
Charter Growth Capital Fund in Grand Rapids announced and investment in Premier Engineered Products in Virginia, a portfolio company of Birmingham’s Colfax Creek.
Colfax Creek with Mike Ryan formed PEP in January 2019 to recapitalize Appalachian Cast Products and integrate Premier Die Casting’s production into its facility in Abingdon, Va.
“We’re delighted to partner with Colfax Creek for a second time as we continue to grow our portfolio,” says Hector Bultynck, managing director of CGCF. “Premier Engineered Products has a reputation for producing superior products with exceptional quality backed by excellent customer service. The company is poised for significant growth and is an excellent addition to our portfolio.”
Mike Ryan, president and CEO of PEP, says, “Premier has weathered the current economic situation and has significant growth opportunities due to continued industry consolidation. We have launched more value-added services and are focused on further expanding the production capabilities that have propelled us into new consumer and industrial markets.”
Partnership Aims to Improve Health Through Food Boxes and Lifestyle Coaching
The Food Bank Council of Michigan inn Lansing has teamed with South Michigan Food Bank and Grace Health to address food insecurity and encourage healthy lifestyles with the launch of the Grace Health Fresh Food Pharmacy in Battle Creek.
Made possible by the Michigan Health Endowment Fund, this six-month pilot program “prescribes” home-delivered healthy food boxes for Grace Health patients every two weeks. In addition, the program offers healthy lifestyle coaching, check-ins, and support for cooking and eating healthy foods.
Eligible patients include those who manage a chronic health condition, such as diabetes or heart disease, that can improve with a healthy diet. They also must have difficulty accessing healthy food and have the ability and interest to cook fresh foods and attend coaching sessions.
Grace Health serves more than 30,000 patients in Calhoun County and surrounding areas. A federally qualified health center, Grace Health is focused on meeting the health care needs of underserved people in the community.
“We are honored to partner with Grace Health to improve the health and well-being of those in need in the Battle Creek community,” says Peter Vogel, CEO of the South Michigan Food Bank. “We know that we can demonstrate great impact by working together.”
Enrollment begins in February with a fresh food mobile distribution kickoff event funded by the Consumers Energy Foundation at Grace Health (181 West Emmett St. in Battle Creek), on Jan. 28, 5:30-7 p.m. This mobile food distribution is available to anyone in the community in need of food. Those interested in the food pharmacy program should contact Grace Health staff at 269-965-8866 who will connect them with a program intake coordinator.
For more information, visit here.
Focus: HOPE Looking for Volunteers to Help Feed Seniors
Detroit-based nonprofit Focus: HOPE is in need of volunteers to pack and deliver food boxes to senior citizens.
The organization has had more than 4,000 seniors enroll in its food program since the COVID crisis began. At the same time, its base of volunteers has decreased dramatically due to health concerns and schedule changes.
Virtual ‘Sound the Siren’ Event to Focus on Human Trafficking Jan. 31
The second annual “Sound the Siren” event, which will take place virtually Jan. 31 at 4 p.m., is designed to increase awareness of human trafficking.
Sponsored by the Detroit Crime Commission, the event will be hosted by Veronica Meadows of FOX 2 and Simon Shayket of WXYZ. It will outline the signs of human trafficking and who viewers can contact should suspicions be raised.
“Sound the Siren” will include the stories of three human trafficked survivors, a former pimp, and a lieutenant from the Oakland County Sheriff’s department.
To donate to the nonprofit Detroit Crime Commission and to register for “Sound the Siren,” visit here.