Berkadia Arranges $87M Bridge Loan for Recapitalization of Hotel in Detroit
DETROIT — Berkadia has arranged an $87 million bridge loan for the recapitalization of The Westin Book Cadillac in downtown Detroit. The full-service hotel includes amenities such as a business services center, indoor pool, fitness center and spa. The sponsor is Cleveland-based Ferchill Group, which redeveloped the property in 2006. Apollo Commercial Real Estate Finance Inc. provided the loan.