Book Cadillac pays on loan, avoids state default notice | Crain's Detroit Business:
"MSHDA was originally a mezzanine lender in the $180 million financing package for Ferchill to redevelop Book Cadillac.
But it has been the senior lender on the condominium part of the deal since Pittsburgh-based PNC Bank (which acquired senior project lender National City Bank in 2008) and the Lower Woodward Housing Fund maintained by Invest Detroit were both repaid nearly $9 million in combined condo construction loans."
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