CASE STUDIES

THE ASHLEY

HISTORIC CONVERSION

Overview

Purchased a defunct historic hotel in October 2012 in the heart of the Central Business District in the city of Detroit. Procured six layers of financing and completed a $9 million conversion into a 66-unit apartment building with ground floor retail.

Development highlights

Upgraded all building hallways, lobby, bathrooms and elevator cabs

Installed new mechanical systems for the entire building.

Procured over $5 million in city, state, and federal incentives.

Developed 5,000 square feet of retail space and recruited two tenants - Dilla Delights and Vertical Wine bar.

Obtained permanent financing with a 95%+ occupancy rate.