JV Equity Request for Co-Living Development in Detroit OZ

September 9, 2021

The Carlton Group is exclusively engaged to raise approximately $23 million of JV equity for the development of an approved 11-story, 558 co-living development in the Midtown neighborhood of resurging Detroit (“Project”). “The Mid on Woodward” will be branded and managed by Common, the nation’s leading co-living operator. The entrepreneurial sponsor has assembled a “best-in-class” team to include the master developer Rockford Construction, construction manager Roncelli and master architect inFORM.

The Project will also include a 175-key Thompson Hotel adjacent to the site and to be capitalized separately.

Project Highlights:

• The Project benefits from several city, state and federal incentives including a Brownfield TIF, PA 210 tax abatement, Michigan Business
  Tax Credit, Neighborhood Enterprise Zone and Opportunity Zone.
• Located adjacent and nearby a plethora of demand generators including Wayne State University (12,000 students), Detroit Medical Center, Google Detroit, Detroit Institute of the Arts, College for Creative Studies, University Of Michigan Detroit Center, etc.
• Projected deal level returns are in excess of 18% IRR and 2x equity multiple.

 

Contact:

Paul Wolfson | Director

360 Madison Avenue, 3rd Floor | New York, NY 10017

+1 917.332.2058 Office | +1 914.393.4988 Mobile

Email: pwolfson@carltongroup.com

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