X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DETROIT-New York City-based the Pagan Organization has purchased the historic Book Tower from the former owner, local investor Susan Lambrecht. The purchase of the 36-story asset was facilitated by a $4-million loan.

Ricardo Pagan says the most difficult part of the acquisition was simply obtaining a loan. After approaching several lenders and being turned down, Pagan met with Paramus, NJ-based KSI Capital. KSI, which focuses on commercial property acquisition and refinancing with loan terms ranging from one to five years, pulled together the financials within one week. Representatives would not disclose the purchase price.

Located at 1249 Washington Blvd., the low-rise portion of the property, built in 1917, includes 13 stories with floorplates measuring approximately 20,240 sf. The Book Tower was built nine years later. The building was designed by Detroit architect Louis Kamper and features decorative gargoyles, shells and 20 foot maidens. The Book Tower was originally part of the Washington Boulevard redevelopment, a project by J. Burgess Book, Jr., and his brothers to transform a rundown area of the city.

Now in control of the historic property, Pagan plans to keep the lower floors for retail, the middle floors as office space and will convert floors 27 and above into condominiums. His plans also include refurbishing and updating the building, while “keeping its historic flair and classic temperament.”

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.