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NY Investor Buys Historic Tower, Plans Rehab

DETROIT-New York City-based the Pagan Organization acquires the historic 36-story Book Tower from the former owner, local investor Susan Lambrecht.

By Dana Dubriwny | Updated on August 11, 2006

DETROIT-New York City-based the Pagan Organization has purchased the historic Book Tower from the former owner, local investor Susan Lambrecht. The purchase of the 36-story asset was facilitated by a $4-million loan.

Ricardo Pagan says the most difficult part of the acquisition was simply obtaining a loan. After approaching several lenders and being turned down, Pagan met with Paramus, NJ-based KSI Capital. KSI, which focuses on commercial property acquisition and refinancing with loan terms ranging from one to five years, pulled together the financials within one week. Representatives would not disclose the purchase price.

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