CLEVELAND – July 24, 2018 – Berkadia today announced that they arranged $87 million in financing for The Westin Book Cadillac Detroit, a full-service hospitality property in downtown Detroit. Director Daniel Geuther of Berkadia’s Cleveland office secured the bridge financing, which recapitalized the property. The sponsor of the transaction is The Ferchill Group, based in Cleveland, and the deal closed on July 20.
The loan was provided by Apollo Commercial Real Estate Finance, Inc.
“The Ferchill Group’s redevelopment of this property in 2006 was a trailblazing transaction and helped to spur the renaissance that has occurred in downtown Detroit over the past decade,” said Geuther. “If it were not for the property’s unmatched position as the top hotel in the market and the incredible economic growth in Detroit, this recapitalization would not have been possible.”
Located at 1114 Washington Blvd. in the heart of downtown Detroit, The Westin Book Cadillac Detroit features amenities including a business services center, a heated indoor pool, a fitness center and a spa. The hotel is walkable from the MGM Grand Casino, MotorCity Casino and Greektown Casino and less than a mile from Comerica Park, home of Major League Baseball’s Detroit Tigers.