The owners of the Fisher Building have closed on a major loan refinancing to continue much-needed maintenance and preservation efforts on the historic Art Deco building in New Center.
According to the ownership team of The Platform, HFZ Capital Partners, and Detroit Rheal Capital Management, the new loan was done by Boston-based UC Funds and will total $36 million.
Planned work includes restoring the brass entrance doors, modernizing three elevators, renovating public bathrooms, and constructing a new conference center. The owners say the loan will also allow them to pay off all prior debt.
The team says it’s already spent around $1.4 million on building maintenance, including “extensive” masonry repairs, overhauled fire alarm and sprinkler systems, and four previously modernized elevators… Continue Reading or Check Out Our Exclusive, Off-Market Real Estate Investing Opportunities!