Friedman Finance Arranges Loan for Detroit Asset
- Jun 24, 2019
Friedman Finance’s Director Ryan Denomme has secured a new loan for a mixed-use building in Detroit. The broker, who has arranged financing for several suburban Detroit office assets this year, highlighted that due to the property’s location, it was initially challenging to find a lender.
The 14,000-square-foot asset is located at 1920 25th St. in the Mexicantown neighborhood in Southwest Detroit, close to interstates 75 and 90. The area has recently started to experience a growth in property value which is characterizing other parts of the city, which has made lenders cautious.
The owner of the property acquired it in shell condition and invested a substantial amount in upgrades. The asset provides retail and office space and is home to a number of tenants which include Southwest Housing Solutions and Michigan Lending Solutions. The nearby area also houses several dining venues, a Home Depot, a library and shopping opportunities, the latter being located along Vernor Highway.
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