New owners update a senior high-rise.
by Patrick Dunn
From the June, 2017 issue
Thanks to a HUD pilot program for low-income housing financing, the Cranbrook Towers senior complex is in the midst of a major renovation. Novi-based Ginosko Development Company purchased the complex in December with a $17.3 million loan secured by HUD lender Love Funding's Cleveland office. A HUD pilot program launched in 2012 expedited the deal, which also included a $3.5 million loan to rehabilitate the 1980 building. Love Funding Cleveland associate director Dave Strachan says the facility has been "impeccably" taken care of but has seen little renovation work since its construction. The yearlong project includes renovations to the facility's parking lot, doors and windows, air conditioning, and more; completion is targeted for mid-December.
[Originally published in June, 2017.]
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