Develop Michigan Closes $23 Million in Real Estate Financing

Develop Michigan Inc. (DMI), a not-for-profit that provides commercial real estate financing, closed eight loans totaling over $23 million in the past year. This investment brings crucial financing to commercial real estate developments in Michigan.

DMI was founded from a collaboration between the Development Finance Group, the Grate Lakes Capital Fund, and the Michigan Economic Development Corporation. In 2013, DMI found partners committed to supporting Michigan’s economic revival through job creation and real estate developments.

“We have been very pleased with the positive reaction of DMI in the marketplace. One of our highest priorities in establishing DMI was to create and retain Michigan jobs and we are thrilled at the job growth and creation that DMI has leveraged,” said Rick Laber, President of DMI.

Through its private equity company, DMIRF, DMI offers a range of loans products, including bridge financing, senior debt, subordinated debt, and mezzanine financing.

DMI will continue to expand its investments throughout the state of Michigan. Currently, the organization is reviewing potential investments in Grand Rapids and Lansing. It is also looking for projects in rural areas like Northern Michigan and the Upper Peninsula.

The eight real estate developments that received loans from DMI are:

1. The Forefront, 400 S. Old Woodward, Birmingham
2. International Market Place Building, 400 Monroe, Detroit
3. 332 Lincoln Building, 332 E. Lincoln, Royal Oak
4. The Pronto Building, 600 S. Washington, Royal Oak
5. Dartmouth Square Apartments, 26382 Colgate, Inkster
6. East Main Redevelopment, N/W/C of Main and Wabash Streets, Milan
7. Wright Opera Block, 101-113 E. Superior Street, Alma
8. Griswold Lofts, 1145 Griswold, Detroit