DETROIT — Pillar has closed a $15.4 million HUD 221(d)(4) construction and permanent financing loan for a multifamily development in Detroit. The Griswold will be an 80-unit market-rate property located downtown. Roxbury Group is the project developer. The apartment building will sit on top of an existing 10-story parking structure that is adjacent to the Westin Book Cadillac Detroit. The Griswold will be the first newly contructed market-rate multifamily development in downtown Detroit in more than 20 years. The property will feature one-, two- and three-bedroom apartments that will range from 750 to 1,600 square feet. Mark Wiedelman of Pillar originated the loan. The construction loan will convert to a fixed-rate, 40-year fully amortizing loan. Leasing for The Griswold will begin at the end of 2016.
The Griswold will feature one-, two- and three-bedroom apartments that will range from 750 to 1,600 square feet.
Pillar Originates $15.4M Construction Loan for 80-Unit Apartment Property in Downtown Detroit
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