Q10|Lutz Financial Services arranged acquisition and renovation financing for The Jeffersonian, a 410-unit, high-rise apartment building in Detroit.
The Jeffersonian is a landmark multifamily property located on East Jefferson Avenue with Detroit River frontage. The property is located in Detroit’s Gold Coast neighborhood, and is within walking distance of numerous nearby amenities including Belle Isle Park, Pewabic Pottery and the popular restaurants and cafes of the West Village.
Completed in 1965, the 29-story concrete structure was designed by architect Gino Rossetti. Units range from one-bedroom to four-bedroom apartments. Additional onsite luxuries include an Olympic-sized swimming pool, tennis court and 24-hour valet service. The property’s ownership remained with the original developer’s family until the sale.
Senior director Jill Jasinski, principal Eric Lutz and senior analyst Steven Siegel secured the non-recourse bridge loan on behalf of the borrowers, Joe Barbat and Arie Leibovitz.