Michigan Impact | March 2025
Featured Deal
Redevelopment of 100-Year-Old Building in Detroit
MBC recently provided $1.35 million in financing to support the redevelopment of a 100-year-old building in Detroit. The project is aimed squarely at improving quality of life and access to affordable housing in the city. MBC worked with a nonprofit agency who received financial support from the state’s revitalization program and grant money from MSHDA, Motor City Match, City of Detroit HRD Accessibility and the MEDC.
Project Details
Amount: $1,350,000 Financing
Where: Detroit, Michigan
The project is a mixed-use property that was constructed in 1925, which has been abandoned for years. The renovated building will have 4 commercial units on the first floor and 10 apartment units on the second floor. Governor Whitmer acknowledged the project in a press release that highlighted how investments by state and local agencies are helping to improve the quality of life for Michiganders.
MBC coordinated efforts with our partner credit unions, the borrower and grant funders to structure a construction loan with 2-years interest only followed by a 5-year term and 20-year amortization. The loan will have a fixed rate through the interest-only period and into the permanent loan. This structure will help the nonprofit agency not only through the construction period, but after too with known payment amounts in future years.
MBC and our funding partners are difference makers all over the state of Michigan. We are community-focused and mission driven. We are committed to lending in both weak and strong economic cycles across a wide variety of financing amounts, property types and needs. At over $1.8 billion in managed assets, this consistency is what has allowed MBC to be one of the leading commercial lenders in Michigan.
Contact MBC today to see how we can provide the financing solutions you need.
MBC was established in 2004 to help support Michigan credit unions offering commercial loans. Credit unions working with MBC combine their resources and work together to offer the best borrowing options for Michigan businesses. In addition to offering SBA, MEDC, and USDA loan programs, MBC provides the following conventional loan types:
- Commercial Real Estate Financing
- Commercial Construction and Development Financing Commercial
- Term Loans and Equipment Financing
- Commercial Lines of Credit