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.
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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.
