(To read more on the multifamily market, click here.)

DETROIT-Midtown Development Inc. and DeMattia Investments II, LLC are renovating the 94-year-old historic Willys Overland building into a multifamily complex. Situated on Willis Street between Cass and Second avenues, the transformed property, to be called Willys Overland Lofts, will include 75 condominiums ranging in size from 982 sf to 2,476 sf.

The building, located in Detroit's Midtown neighborhood, is anchored by Wayne State University and the Detroit Medical Center. Because of the pool of post graduates in the area, city officials say the redevelopment qualified for a $3-million loan under Gov. Jennifer Granholm's "Tipping Point Neighborhoods Strategy," a plan to keep young professionals and workers in the creative economy from leaving Michigan's urban centers.

Under the program, the maximum loan term is five years, which will be repaid with proceeds from the condominium sales. The loan itself will be provided by Michigan State Housing Development Authority (MSHDA). "The renovation is an integral part of the city's efforts to revitalize the entire Downtown," says MSHDA executive director Michael R. DeVos.