CLEVELAND – January 29, 2020 – Berkadia announced today the $77 million in financing secured for The Westin Book Cadillac, a full-service hotel in Detroit, Michigan. Director Dan Geuther of Berkadia’s Cleveland office secured the permanent refinancing for the property on behalf of Cleveland-based The Ferchill Group. The deal closed on January 22.
The 10-year loan was provided by Citigroup and features three years interest only and a competitive interest rate.
“We were pleased to have the opportunity to represent The Ferchill Group again and work with the Citigroup team in successfully closing this financing,” said Geuther. “This financing will enable the hotel to undergo a significant renovation to maintain its status as the top hotel in the Detroit market and give the Ferchill team long-term stability in cash flow at the property.”
“Berkadia, and Dan Geuther in particular, were very creative and tenuous in aiding The Ferchill Group in closing the $77 million refinancing of the iconic hotel,” said Chris Ferchill, President of the Ferchill Group.
Located at 1114 Washington Blvd., The Westin Book Cadillac features 453 rooms and 35 suites which average over 475 square feet in size. The hotel also offers dining and social amenities, including Michael Symon’s Roast, The Motor Bar, in-room dining, a Starbucks Reserve, a fitness studio and a spa with a heated indoor pool. The hotel’s convenient location offers guests walkable access to Campus Martius Park, the Riverwalk promenade, Ford Field, Comerica Park, The Fillmore Detroit and the shops and restaurants along Woodward Avenue and Michigan Avenue.
Berkadia provides $77 Million in Financing for Westin in Detroit | RE Journals
Historic Detroit Hotel Receives $77M Refi | Commercial Property Executive