Almost two years have passed since the owners of a large residential community in Detroit were sued by the Federal National Mortgage Association (Fannie Mae) for an alleged $70 million loan debt. Back then, in October 2011, Ronald Glass of GlassRatner Management and Realty Advisors LLC was appointed as receiver to find a buyer for the Riverfront Towers, a multifamily asset located at 100 Riverfront Avenue in downtown Detroit.
According to DBusiness, in late 2012 the gated community was purchased by private investment group Riverfront Tower Holding LLC for an undisclosed amount, then The Hayman Company of Troy, MI, took over management of the property and has recently begun a $5 million construction and renovation project at the site.
The former home of famous Detroiters such as Aretha Franklin and Rosa Parks, the 24-acre property is made up of two towers—Tower 100, built in 1992, and Tower 200, completed in 1983—totaling 555 apartments with rents ranging from $798 for a 553-square-foot unit to $7,500 for a penthouse of 5,000 square feet. A third building that was also completed in 1983 includes only condominiums.
Estimated to last several months, the renovation project will include interior upgrades to all apartment units, remodeling of all hallways and lobby spaces under plans designed by Davis & Davis Interior Designs, as well as new roofing, security and landscaping upgrades.
