Mark J. Bennett

Summary

Mark is a real estate developer and attorney with 30+ years of experience in envisioning, structuring, financing and executing complex, alternative and transformative market rate, affordable and co-living community-based multifamily developments.  He incorporates sustainable investment structures including long-term affordable housing preservation. Mark's law practice is concentrated on real estate, economic incentives, environmental, and venture capital matters. Since 2014, Mark has participated in the successful development of six ground-up and three existing/rehab multifamily and mixed-use developments including nearly 2,000 residential units and 120,000 square feet of commercial space including seven developments in the City of Detroit.  The Detroit portfolio contains 1,200 market rate and affordable units, developed under the City's Inclusionary Housing Ordinance with assistance from the Detroit Housing Commission and in compliance with MSHDA AMI guidelines. Multiple developments created alliances with neighborhood stakeholders to align private and public goals and Mark participated in the successful consummation of a Community Benefits Agreement (CBO). Combined portfolio value exceeds $400 million including $100 million in privately sourced equity and more than $300 million from multiple debt and economic development incentive sources.  

Experience

Founder and Managing Director
MJBennett, PLLC
Jul 2012 - Present
Mark brings forward-thinking and legacy experience to real estate development, legal services, project finance and capital raising into an integrated service offering focused on market rate and affordable multifamily developments with complex economic incentive-based capital stacks. Mark has relationships with numerous local, state and federal government agencies as well as debt and equity sources including high net worth individuals, family offices and institutional investors across the United States. Mark earned his FINRA Series 63 and 82 Securities Registrations (inactive).

Real Estate Development and Finance Consultant
Dreamtroit Community Redevelopment Project
Northwest Goldberg Neighborhood, Detroit
Apr 2018 – Present
Working with the founding developers, created and executed a strategic vision and financing structure to assemble a development team for the successful historic redevelopment of the 160,000 square foot Lincoln Motor factory built in 1908. This project has preserved the historic community and culture of its neighborhood. This 3.8-acre mixed-use development includes 81 residential units comprised of co-living, studio, 1-bedroom and 2-bedroom options with 20% of all units under 50% AMI, 50% under 80% AMI and all units under 120% AMI, as determined by MSHDA. The 39,000 square foot commercial component maintains existing commercial and non-profit occupants (including Recycle Here, Detroit's only recycling drop off location) and has provided relocation for several business seeking to maintain their neighborhood location. Public spaces exceed 60,000 square feet and include art/exhibition space, an outdoor art park, event space, plazas and courtyards.

Scheduled for completion in Summer 2023, the $30 million, capital stack incorporates 26 financing transactions including direct equity from private and public sources, New Market Tax Credits (Capital Impact Partners, Chase Invest Detroit Fund, IFF and AHLF-CDFI, Michigan Community Capital, Twain Investment Fund 568, Michigan Community Capital and US Bancorp Community Development Corporation); Historic Preservation Tax Credits (Impact Capital) and multiple grants and loans from state, local and CDFI sources (Invest Detroit Foundation), Michigan Community Reinvestment Program (CRP), Detroit Economic Growth Corporation (DEGC) and property tax abatements and reimbursements under the Commercial Rehabilitation Act (PA 210 ), Brownfield TIFF (PA381) and Neighborhood Enterprise Zone (NEZ - PA 147).

Attorney and Climate Law Practice Founder
Miller Canfield
Aug 2007 - Jul 2012
Practiced law in the Real Estate Group and created the Climate Law Practice Team at this 250+ attorney international law firm. Counseled clients in several areas of law including commercial real estate, public and private finance , renewable energy and clean tech with concentration on economic development incentives. Community focus included research in connection with environmental justice impacts tied to facility site selection. In the climate law area, concentrated on renewable energy, carbon finance and green building & sustainable development and was part of the team that created the Property Assessed Clean Energy (PACE) financing legislation for the State of Michigan (Act 270 of 2010). Published more than 40 articles in legal and trade journals, covering climate law, environmental due diligence, and the real estate industry in local and national publications. Spoke frequently on these topics at industry and community forums locally and nationally.

Founder and Managing Director
Pembroke Venture Partners, LLC
Feb 2000 - Jun 2007
Established this private equity group to identify and fund opportunities for the Internet, commercial real estate, building energy efficiency and retail market sectors. Projects included a local merchant affinity software system, a SaaS-based energy efficiency project workflow management platform for Property Assessed Clean Energy (PACE) lending, a nationwide auto dealer consolidation program, a national restaurant chain expansion plan for a major metropolitan market and the restructuring of a web-based pre- employment skills testing company.

Co-Founder & President
Environmental Data Resources, Inc. (EDR)
Dec 1987 - Jan 2000
While in law school during an internship at a Detroit law firm, founded Toxicheck, LLC which merged into Environmental Data Resources, Inc, currently a $100 million+ environmental information services company. Raised with co-founders $20 million in start-up funding from Bain Capital and Trident Capital, executed an industry-wide roll-up including eight acquisitions over eighteen months leading to 75%+ industry concentration, created several strategic distribution relationships, spin-off products and companies leveraging core assets using Geographic Information Systems (GIS) technology. EDR was sold in 1999 to the Daily Mail and General Trust plc, of London, UK and continues today as the nation's market leader. The exit yielded a 33%+ IRR to investors.

Leasing Representative
Enterprise Development Company
(Predecessor to Enterprise Community Partners)
Feb 1986 - Mar 1987
Executed leasing and marketing programs for Enterprise, a pioneering real estate development company founded in 1982 focused on developing innovative public/private affordable housing and commercial developments. Assignments included The Sixth Street Marketplace in Richmond, Virginia and the Church Street Exchange in Orlando, Florida. The commercial developments acted as funding mechanisms for adjacent affordable housing developments. Enterprise is currently one of the largest Low Income Housing Tax Credit (LIHTC) syndicators in the country. Since its foundation it has raised and invested more than $3.9 billion in loans, equity, and grants to create 132,000 affordable housing units.

Education

Wayne State University Law School, J.D.
1987-1990

Michigan State University, Bachelor of Arts, Economics - Phi Beta Kappa
1981-1985

Licenses & Certifications

State of Michigan Bar Association
Active Member in Good Standing, Admitted 1991, License # P44766

Financial Industry Regulatory Authority (FINRA)
Series 63 and 82 Registrations, Central Registration Depository (CRD) # 6430380