Speedy $4 Million Loan from KSI Allows Developer to Purchase Historic Book Tower in Detroit, Michigan
KSI Steps In Where Other Lenders Couldn't and Closes Deal In One Week
Detroit, MI, August 08, 2006 -- Ricardo Pagan of The Pagan Organization had a lot of plans for the historic Book Tower building in downtown Detroit. At one time the tallest building in the city, the Book Tower was completed in 1930, and features a limestone face and elements of Academic Classicism, not to mention opulence â€“ interior use of marble is extensive, and architectural elements include twelve caryatid cornice supports and a three storey open lobby. The Book Tower was originally part of the Washington Boulevard redevelopment, a project by J. Burgess Book, Jr., and his brothers which transformed a rundown area of the city into one of the world's most fashionable streets. Pagan wanted to refurbish and update the building, keeping its historic flair and classic temperament while simultaneously bringing it more in line with contemporary Detroit society and culture -- and injecting some much-needed and welcome income into an essentially economically depressed environment. All he needed was a loan, and that was proving more difficult than Pagan had anticipated.
Having shopped the deal around to a number of lenders and been turned down, Pagan finally had to admit his quest was turning into something of a quagmire: No one seemed willing, or able, to help him. Until he was introduced to KSI Capital in Paramus, New Jersey.
KSI Capital is a commercial real estate development and lending company that specializes in unconventional Replica handbags financing where speed and attention to special circumstances are critical. According to KSI founder Henry Haskell, Ricardo came in to see me, David and Dan Haskell, and Matt Horvitz on a Thursday morning, and explained his dilemma. The next day, we were on a plane headed to Detroit to look at the property and he was, frankly, astonished. We shook hands at the end of the day, in a gentleman's agreement, and he could hardly believe it. He was doubly amazed, and pleased, when we closed the deal for $4 million a week later. And Matt was instrumental in this from day one.
Yes, I was very surprised, confirmed Ricardo Pagan. After so many disappointments, I realized these guys were serious. Henry, Dan and David were the ultimate professionals. They did their own work, and didn't foist it off on Gucci handbags anyone else. The day after we met, we were on a plane to check things out. And Allen Lustrin from KSI played a huge part in dealing with the seller's lawyers to make the deal happen. Part of me still can't believe it, and I have a feeling KSI and I will be doing more business in the future.
For now, though, Pagan will concentrate on the Book Tower. He plans to keep the lower floors in the retail mode, the middle floors as office space, and will convert floors 27 and above into condominiums. He hopes his efforts Replica watches lead to a mini-Renaissance in a city that would certainly appreciate it. Interestingly, it was a contact in Henry Haskell's nationwide network who filled him in on the building and the deal. Sam Glasser, a former client and present-day Mid-West associate, was only a phone call away, and a prime source of information, proving that networking is vital and effective.
From across the country, a broad spectrum of borrowers is turning to KSI Capital Corporation because of their ability to make loans with speed, honesty, integrity, and professionalism. As a company with extensive experience in both the lending and real estate industries, KSI specializes in the unique and/or special circumstances loan, paying particular attention to the specific needs and requirements of the borrower. KSI uses generous loan-to-value ratios, and can issue a loan commitment and close in a matter of days. Funds are typically requested for commercial property acquisition and refinancing, development and construction, bank workouts, bankruptcies and foreclosures, with loan terms ranging from one to five years.
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