Yesterday, a nearly new apartment building at Lafayette West, the mixed condo-and-apartment project just east of downtown Detroit, was handed back to its lender after the owner and operator ran into financial trouble. The handoff touches dozens of rental units and for-sale condos and temporarily puts the property in the lender’s hands. Tenants, condo buyers and neighborhood leaders are now waiting to find out what that means for repairs, pending closings and who will actually be running the building next.
Lender Takeback Confirmed
Crain’s Detroit Business reported that the building was turned over to its lender on Friday amid what it described as financial troubles at the project. The transfer involves a recently completed phase of Lafayette West in the Lafayette Park neighborhood, which had been marketed as a mix of condos and apartments. Crain’s framed the move as part of a broader financing strain hitting new multifamily projects across the region.
About Lafayette West
The long-planned Lafayette West has…..