DETROIT—Much of the recent news out of Detroit concerned thecity's bankruptcy, but at the same time many companies haveresettled in the CBD, buying and then opening upmany underused or even vacant properties. And thestrengthening of the real estate market has certainly caught theinterest of lenders. The debt and equity finance group ofMission Capital Advisors, for example, recentlyarranged first mortgage financing for the Ellington, a mixed-usedevelopment located at 3670 Woodward Ave.

|

The Mission Capital team of Tom Hall,Ari Hirt, Steven Buchwald andJamie Matheny secured the loan on behalf ofRAM Realty Services, a Palm Beach Gardens,FL-based real estate firm that developed the property in 2005.

|

The Ellington's fully-occupied retail component, as well as 254stalls in the adjacent Midtown Parking Garagecollateralizes the loan. The building has street level retail below55 luxury residential units. The tenants include Bank ofAmerica, Starbucks and JP MorganChase, and the first-ever inner city Whole FoodsMarket shadow anchors the property.

|

“As real estate fundamentals remain strong, we are seeing avariety of lenders increasingly willing to provide loans to ownersof retail properties,” says Hall. “RAM could not have timed theirproject any better with the Ellington's debut coinciding with thecurrent trending of Detroit's Midtown neighborhood. With an influxof entrepreneurs and young professionals along with plannedtransportation enhancements, Midtown has become a prime retailmarket.”

|

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.