Contacts
Password Secured Site
Approved MMF Projects:
Michigan Magnet Fund Closes 10 Projects
The Michigan Magnet Fund has closed 10 New Market Tax Credit Project by allocating $60.0 million of its QualifiedEquity Investment.
The projects are in 6 Michigan cities and involved a combination of 10 different equity and debt investors. The projects include:
1. Clear Water - Grand Rapids a $6.6 Million investment by MMF A, LLC in this historic rehab of the former Water
Works building into an office complex. This is Fifth Third Bank investment into the MMF and includes brownfield
tax credits in addition to the national and state historic tax credits. The developer is the DeVries Family
2. 920 Cherry St. - Grand Rapids is a $5.8 million investment by MMF F, LLC in the historic rehab of the former Orphanage building into the headquarters of the nonprofit Inner City Christian Foundation (ICCF), a leader in affordable housing development in Grand Rapids. The development is part of a larger privately developed residential project, The project also uses historic tax credits, Brownfield and state historic SBT tax credits. An additional TIF has been approved for the residential development. The developer is ICCF. The investment into MMF was by National City Community Development Corporation.
3. 500 Block - Flint is a $6.4 million investment by MMF B, LLC into the rehabilitation of these former downtown buildings into a mixed use development. This was a complex project using HUD 108 financing from the city, old building (10%) tax credits, brownfield and state historic SBT tax credits, and a BEDI grant.The new market tax credit equity and leveraged debt came from Citizens Bank. The developer is a group of local investors.
4.
Book Cadillac - Detroit is a $10 million qualified equity investment by MMF J, LLC into this $185 million historic rehabilitation of this grand hotel. The MMF investment made it possible for National City Bank to invest $28.0 million in purchasing the losses from the donation of the facade easement to a Conservancy group. The developer is the Ferchill Group.
5.
East Forest Arts Project - Detroit is a $3.6 Million investment by MMF D, LLC into this arts orientated historic rehabilitation development in the city's cultural center. The African-American Art Gallery owner is the qualified low income business receiving the MMF investment. It uses a HUD 108 loan as part of the leveraged investment to National City Bank's NMTC driven equity investment and obtained a brownfield SBT tax credit in addition to the state and federal historic tax credits. The developer is George N'Namdi.
6. Pere Marquette - Bay City is a $5 million investment by MMF C, LLC into this historic rehabilitation of the former railroad station into the City Convention Offices. This project in addition to national and state historic tax credits, obtained state brownfield SBT tax credits. MMF obtained a leveraged loan from a local foundation to leverage the new market tax credit equity investment by Fifth Third Bank. The developer is the Great Lakes Center Foundation.
7. Harbor Shores - Benton Harbor is a $8.6 million investment by MMF E, LLC into a land development company that is redeveloping over 250 acres of land in Benton harbor and as part of total 500 acre, $86 million land development. National City Bank provided the equity investment leveraged by a loan from the Whirlpool Corporation. The investment is being used to acquire the land and put in the infrastructure. The developer is the nonprofit Harbor Shores Development Corporation
8. Bicycle Factory - Grand Rapids is a $4 million investment by MMF G, LLC into a historic rehabilitation and transformation of this former factory into a mixed use facility. Fifth Third Bank is the QEI investor in MMF. However, within one week of the closing the building was completely destroyed by the largest fire ever seen in the City. It was restructured from a historic rehabilitation to a larger new construction. The $8.9 million project, reclosed in November, 2007 is now under construction without any change in QEI. The developer is Paul McGraw.
.jpg)
9. Studio One - Detroit is a $5 million investment by Fifth Third Bank in MMF H, LLC which in turn invested it in this $18 million mixed use development in the City's Cultural Center and will provide 128 market rate apartments on land leased from
Wayne State University. This project closed on May 2nd, 2007. It also has a state brownfield tax credit. The developer is Marcel Burgler.
10. Woodard Station Lofts - Owosso is a $5 million QEI investment using debt leveraged by a loan from Huntington Bank and new market tax credit equity from Fifth Third Bank into MMF I, LLC. This mixed-use project is located in a low income rural community and will receive state and national historic tax credits, state brownfield tax credits in addition to the new market tax credits. The developer is Scott Bosgraaf
In keeping with MMF's underwriting criteria none of the above projects would have been financed but for the MMF investment.
1000 S. Washington, Ste 200, Lansing, MI 48910 313 445-1843
e-mail address: bogdanaa@aabds.com