Downtown Detroit Projects Derailed Over Financing
The reluctance of banks and major pension funds to underwrite loans for downtown projects has been a consistent problem for the struggling city.
The reluctance of banks and major pension funds to underwrite loans for downtown projects has been a consistent problem for the struggling city. As a result, the gap between what traditional lenders will offer and what a project actually costs must be filled in with a patchwork of nontraditional loans and subsidies from government and foundations, slowing down the entire process.