Commercial Mortgage Banker Kovachevich Launches Detroit-Based Mortgage Banking Firm, With Focus on Top Talent
(Detroit, MI; April 2nd, 2019) In direct response to Detroit’s white-hot commercial real estate market and the development community’s growing demand for experienced brokers who can leverage both technology and deep lending relationships, District Capital has announced the launch of its Capital Markets and Servicing Platform. Owner and founder Kevin Kovachevich said the new entity will be the only full-service mortgage banking firm headquartered in Detroit, with offices located at 42 Watson Street in an historic building he purchased and renovated, just steps from Little Caesars Arena, in the heart of Detroit’s entertainment district and redevelopment core. But Kovachevich says the firm’s distinctive competitive advantage will be the deep industry relationships of its talented brokers.
“We’ve built an exceptional roster of young, yet seasoned, professionals who understand the market and our clients’ needs with a track record of leveraging key relationships to execute on behalf of our clients, with integrity,” said Kovachevich. “We hand-picked this team to be both an immediate force in the industry and to dominate for the next 20 years.”
Kovachevich says he created the firm at the urging of developer clients who sought his assistance in arranging debt, even after he’d left a previous brokerage.
“We’ve designed District Capital to be a turnkey operation for our valued clients,” said Kovachevich. “We’ve assembled top talent to address all disciplines, including analytics, origination, loan document negotiation, closing and post-closing servicing and workouts. District Capital has already closed over $100M in loans with 16 deals under application set to close in the first quarter with its correspondent Life Insurance, CMBS, Agency and Bank lenders.
“I knew that to be successful, District Capital had to hit the ground running. This is not a start-up,” said Kovachevich.
Key talent joining the new firm include:
- David Dismondy – Loan Origination
- Crystal Kalinowski -- Closing and Servicing
- Justin Hollis – Loan Origination
- Michael Lemon – Analytics and Loan Origination
- Suzanne Posuniak – Administrative Assistant
Together the team brings more than 50 years of experience and billions of dollars in loans originated, closed and serviced. Kovachevich said he will announce additional hires soon.
Kovachevich said the first step was determining the best headquarters location, which ultimately led him to acquire and redevelop 42 Watson Street, where he has surrounded the firm with like-minded tenants who can contribute to the firm’s success. Tenants in the building include BBG, a commercial appraisal firm, and Ronnisch Construction Group, a local general contractor. Kovachevich says his first-floor tenant, Second Best bar, adds to the mix of uses in the building and provides a welcome respite for clients and staff.
In addition to premier talent and location, Kovachevich said the firm also offers the most trusted lending sources in the marketplace. “Our lenders are battle-tested, long term relationships who only offer the highest certainty of closing,” said Kovachevich.
“I’ve heard from many lenders who’ve called just to say they are genuinely excited to be working with us,” said Kovachevich.” These are the lenders we grew up in the business with, spending countless hours in the trenches on deals. Now these contacts have become the heads of their respective firms and key decision makers. It’s this direct access to key personnel and our ability to leverage our long-lasting, honest relationships with these decision makers that makes District Capital unique.”
Originally formed in 2018 as a development company, Kovachevich says the firm is still focusing on the acquisition of select properties within the city, specifically targeting opportunities of new construction or redevelopments which are a direct contribution to the City of Detroit’s revitalization efforts.
District Capital is a private mortgage banking company located at 42 Watson Street, Suite D in Detroit, Michigan. For more information, contact Crystal Kalinowski at (313-241-9200) or visit www.DcapDetroit.com or www.DistrictCapitalDetroit.com