Honigman serves as legal advisor for DuCharme Place
Honigman Miller Schwartz and Cohn LLP has been the primary legal advisor to Walter and David Cohen in their development of the new residential project, DuCharme Place, a luxury apartment complex scheduled to break ground on November 6.
“The DuCharme Place, a 185-unit, $51-million residential community, involved a number of complicated negotiations and transactions,” said Gregory DeMars the lead attorney for the Honigman team. “It was great to work with Walter and David on their vision for adding this luxury housing project as an option for Detroit living. They are long-term developers here and have made a positive impact on Detroit’s residential marketplace.”
Honigman represented the Cohen family when the land was purchased from the City of Detroit in 2007. The plans to create DuCharme Place, a unique living space in the historic Lafayette Park, took shape as demand began to exceed existing rental properties in downtown Detroit and surrounding areas.
Honigman worked with the Michigan Economic Growth Corporation and the Michigan Strategic Fund to provide equity and become a partner in the future revenue from the project. The firm also represented the borrower in the closing of a U.S. Housing and Urban Development loan from Prudential Huntoon Paige Associates, LLC, a limited liability company in Delaware. MSF sets guidelines for investors that must be followed. Honigman was responsible for negotiating and drafting Operating Agreements setting forth the benefits and obligations for the above investors and a number of private investors assembled by a local broker/dealer.
The Honigman team included Partner Gregory DeMars (lead), partners John Kanan and Richard Soble, as well as Associate Paul Mardirosian.