Paul Davis and Steven D. Weinstock, investment specialists at Marcus & Millichap who handled the deal, says the complex will undergo extensive rehabilitation and refurbishment, bringing the total cost of the sale to approximately $29 million. Davis and Weinstock said the project was made possible by private equity as well as public funds including: City of Detroit HOME loan funds, Michigan State Housing Development Authority Tax Exempt Bonds, Low Income Housing Tax Credits purchased by the Great Lakes Capital Fund, partial project-based Section 8 Rent Subsidies, Section 236 IRP decoupling and an FHA 221 (d)(4) insured loan.
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