Griswold Apartments Funding
View inside [[and outside) The Griswold apartment project under construction in downtown Detroit
Quote:
Di Rita said he expects rents for the 80 apartments — a mix of one-, two- and three-bedroom units — to be around $2.50 per square foot. Units are expected to range from 750 to 1,600 square feet.
Financing comes from Pillar Capital Finance LLC through the U.S. Department of Housing and Urban Development's Section 221[[d)[[4) program, which helps finance construction or rehabilitation of multifamily rental housing for moderate-income families, the elderly and people with disabilities; Invest Detroit Inc.; the Michigan Strategic Fund; and private investors.
Pillar Capital Finance — which is providing a $15.49 million senior-position loan backed by the 221[[d)[[4) program — is based in New York City and has a Bloomfield Hills office. The MSF is providing $4.8 million in equity, while Invest Detroit is providing a $1.65 million brownfield tax credit bridge loan.
"Section 221[[d)[[4) program, which helps finance construction or rehabilitation of multifamily rental housing for moderate-income families, the elderly and people with disabilities"
"to be around $2.50 per square foot. Units are expected to range from 750 to 1,600 square feet"
does anyone else find it curious that HUD is funding this? so $1850 for 750 SF. if that's 'moderate income' i am in deep poverty.
