Warner Norcross & Judd LLP represented Fifth Third Bank in the bank's financing of the recently announced $54.6 million Third and Grand project, the first large-scale development in New Center in more than 30 years.
Fifth Third was the lead lender providing a primary loan of $39 million to help bring the new residential development to market. Detroit Investment Fund LP provided $2 million in loans, with Chase’s Invest Detroit Fund LLC and the Michigan Strategic Fund also each providing $2 million in loans.
“With the steady stream of significant Detroit renovation projects making headlines, people often make the assumption that the financing packages are relatively easy to secure,” said Matt Casey, partner at Warner . “In reality, these packages can be incredibly complex, and we welcome the challenge of putting them together. In the case of Third and Grand, the entire team worked closely and cooperatively to help make this transformative project a reality.”
“Third and Grand is another key piece to the rebirth of New Center, along with our restorations of the Fisher and Albert Kahn buildings,” said Peter Cummings, principal of The Platform, developer of the Third and Grand project. “It will help meet the huge demand for housing in the city and help with the ongoing resurgence of Detroit.”
Third and Grand, a six-story, 356,000-square-foot mixed-use development, is expected to come online in 2018, offering 231 studio, one- and two-bedroom units, plus 20,000 square feet of commercial space and parking. The location on West Grand Boulevard and Third Avenue is well located between a QLine rail stop, the Fisher Building, Henry Ford Hospital and other New Center amenities.
“This is precisely the type of landmark project that Fifth Third was targeting when we moved our offices to downtown Detroit in 2015,” said Fifth Third lender Brandon Kaznowski. “It’s the biggest and most exciting residential project in New Center and will be a catalyst for continued investment in the neighborhood.”
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