The mixed-use project, financed by TCF Commercial Real Estate, includes a Cambria Hotel, office and retail space and parking structure
TCF National Bank (TCF Bank), a subsidiary of TCF Financial Corporation (TCF), announced it is providing $25 million of financing for a mixed-used project anchored by Cambria Hotel in downtown Detroit. The project, financed by TCF Commercial Real Estate, includes office and retail space and a parking structure in the city’s Central Business District.
The project includes a new construction component and redevelopment of the historic and underutilized Albert Khan Building located at the corner of West Lafayette Boulevard and Third Avenue. The capital stack also includes financing provided by PACE Equity Funds, Detroit Investment Fund and the Opportunity Zone Program, among others.
“We are pleased to contribute to the revitalization of Detroit by financing this important mixed-use property in the city’s Central Business District,” said Trish Kelly, president of TCF National Corporate Banking. “Working with clients to finance complex projects like this one, is a strength of ours and we welcome the opportunity to meet and exceed client needs. This project is especially rewarding as it is near our soon-to-be-built TCF Bank headquarters and the newly renamed TCF Center.”
The mixed-use project is walking distance from the soon-to-be-built TCF Bank headquarters at Woodward and Elizabeth. The new 20-story headquarters building is scheduled to open by 2021. In August, TCF Bank announced the name change of Detroit’s world-class convention center to TCF Center after investing millions into the downtown staple.
About TCF Financial Corporation
TCF Financial Corporation (TCF) is a Detroit, Michigan-based financial holding company with $46 billion in total assets and a top 10 deposit market share in the Midwest. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. TCF has more than 500 branches primarily located in Michigan, Illinois and Minnesota with additional locations in Arizona, Colorado, Indiana, Ohio, South Dakota and Wisconsin. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses.
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Source: TCF Financial Corporation