Finance V Michigan

Berkadia provides $77 million in financing for Westin in Detroit

Berkadia provides $77 million in financing for Westin in Detroit,ph01

Berkadia provided $77 million in financing 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 Jan. 22.

The 10-year loan was provided by Citigroup and features three years interest-only and a competitive interest rate.

Located at 1114 Washington Blvd., The Westin Book Cadillac features 453 rooms and 35 suites that average more than 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 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.