- people on the move
Firm secures $40M in financing for HQ project
The leader of the local office of a capital services firm has secured more than $40 million to finance a regional headquarters project.
Chicago-based Cohen Financial, a division of SunTrust Bank, said last month Cathy Bronkema, managing director of the firm’s Grand Rapids office, secured the financing for American Commerce Center, a regional headquarters building at 26545 American Dr. in Southfield.
Bronkema secured the construction-to-permanent financing with a national structured debt lender.
The borrower is Jonna Realty Ventures, a Bloomfield Hills commercial real estate developer and owner/operator, specializing in CRE property development in Michigan.
The building is fully leased to Stockholm-based Autoliv — a global maker of automotive passive safety products, including airbag systems, steering wheels and seatbelts.
“This property is a build-to-suit development for Autoliv’s new regional headquarters in Southfield,” Bronkema said.
“We created a unique capital structure for Jonna Realty Ventures, Inc., along with locking in a long-term rate at construction for this publicly traded, A- credit tenant.
“Lenders were especially keen to provide financing for this transaction, as it mirrors an investment-grade bond deal and provided my client the ability to take any interest rate risk off the table.”
The total cost of the project was not disclosed.
The development will consist of about 180,000 square feet of office/flex property.
When finalized, the property will feature offices, laboratory space and a garage.
The property will be able to house up to 900 Autoliv employees in engineering, sales and other management positions, which will be charged with developing Autoliv’s automotive safety electronics systems.