DETROIT—The Schostak Bros., through its ownership entity KWA Residential LLC, has gained a $10.8 million loan for its Lofts at Merchants Row apartment complex, consisting of six buildings in the Campus Martius area of the downtown here along Woodward Avenue.
These properties were completely renovated and converted into luxury loft style apartments in 2006. The property consists of 157 units, ground floor retail and enclosed parking. The apartments are reportedly about 99 percent occupied, in an area that has seen increased growth and vitality thanks to nearby headquarters of firms such as Quicken Loans and Compuware.
Dennis Bernard and Kevin Kovachevich with the Bernard Financial Group arranged the loan. The lender is Prudential Huntoon Paige Associates LLC.
