That is about what the city thought the property was worth when it approved an $8-million Urban Development Action Grant. However, the city decided to take $1 million from the former owner, Bingham Farms, MI-based Malan Realty Investors, based on a $22-million estimate.
The loan, arranged by Cohen Financial's Chris Carroll, is priced on the one-month LIBOR.
Cohen Financial's Joel Simmons also arranged financing for the owners of the 51,080-sf Belden Center at 2301 N. Clark St. The $8.58-million loan is based on an $11.4-million market value for the property in the Lincoln Park neighborhood. The seven-year loan is based on the seven-year US Treasury rate.
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