DETROIT, Oct. 7 /PRNewswire-FirstCall/ -- National City has announced the
closing of the first sale of a condo unit in the new Book Cadillac Hotel.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030428/NATIONALCITYLOGO )
The 1,401 square foot unit sold for $463,550, which equates to $331 per
square foot, a new appraisal benchmark for Detroit. The next closings are
expected on October 9 by other lenders with six by National City to follow
shortly thereafter.
David Boyle, president for National City in Michigan, said, "As the lead
investor in the Book Cadillac renovation, with over $38 million invested, and
as the presenting sponsor of the October 25 grand opening gala, we are proud
to announce this milestone, which establishes a new residential value for
condo sales in the city."
He emphasized, "Over the past 10 years, National City has been at the
forefront in community development for downtown Detroit and the surrounding
neighborhoods. We welcome our responsibility to lead the way as a partner in
our city's renaissance."
National City provided the final sources of financing which made the Book
Cadillac deal complete. The equity investment allowed the other pieces of
financing to fall into place.
The National City CDC approved the purchase of a condo unit which made the
project eligible for the bank's unique NCHAMP (National City Housing
Affordable Mortgage Program) mortgage loan. NCHAMP provides for a conventional
15 or 30-year fixed-rate loan with no points and priced at one and one-half
percent off the current interest rate.
Dick Buss, director of the National City CDC in Michigan, explained that
National City was the key investor in the first "Chicago-style" loft project,
The Canfield Lofts in the Midtown neighborhood. This was followed by current
projects including: The Ellington (new construction at Woodward at Mack), The
Vinton (a historic rehabilitation at Woodward at Congress), The Riverfront
Condos (Tower 300, a conversion of apartments to condos), and The
Willys-Overland Condos (an industrial loft rehabilitation project on W. Willis
at Cass.)
National City has also been the first and the leading bank investor
bringing the value of federal New Markets Tax Credits for commercial
development to support housing in Detroit's neighborhoods. The National City
CDC has approved more than $30 million of equity investments for eight
projects as varied as Midtown's N'Namdi Art Gallery, the Mexicantown Welcome
Center and Mercado, and Techtown's business incubator and coffee shop.
Boyle concluded, "National City formed the first CDC in the country in
1982. Under the extraordinary work of Dick Buss and our development teams, our
CDC enjoys a strong record of equity investments that lead the way in
revitalizing our neighborhoods by delivering quality residential options."
About National City
National City Corporation (NYSE: NCC), headquartered in Cleveland, Ohio,
is one of the nation's largest financial holding companies. The company
operates through an extensive banking network primarily in Ohio, Florida,
Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania and Wisconsin,
and also serves customers in selected markets nationally. Its core businesses
include corporate and retail banking, mortgage financing and servicing,
consumer finance and asset management. For more information about National
City, visit the company's Web site at www.nationalcity.com .
SOURCE National City Corporation