Ricardo Pagan says the most difficult part of the acquisitionwas simply obtaining a loan. After approaching several lenders andbeing turned down, Pagan met with Paramus, NJ-based KSI Capital.KSI, which focuses on commercial property acquisition andrefinancing with loan terms ranging from one to five years, pulledtogether the financials within one week. Representatives would notdisclose the purchase price.

Located at 1249 Washington Blvd., the low-rise portion of theproperty, built in 1917, includes 13 stories with floorplatesmeasuring approximately 20,240 sf. The Book Tower was built nineyears later. The building was designed by Detroit architect LouisKamper and features decorative gargoyles, shells and 20 footmaidens. The Book Tower was originally part of the WashingtonBoulevard redevelopment, a project by J. Burgess Book, Jr., and hisbrothers to transform a rundown area of the city.

Now in control of the historic property, Pagan plans to keep thelower floors for retail, the middle floors as office space and willconvert floors 27 and above into condominiums. His plans alsoinclude refurbishing and updating the building, while "keeping itshistoric flair and classic temperament."