MILESTONE REALTY SECURES $12.3 MILLION LOAN FOR PARKING/RETAIL STRUCTURE

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DETROIT — Milestone Realty Services Inc. has secured $12.3 million in financing for the acquisition of a newly constructed parking facility serving the Westin Book-Cadillac Hotel in Detroit’s central business district. The 528-space, nine-story parking and retail structure was developed by the Downtown Development Authority. The structure, which also provides parking for the general public, connects to the recently renovated Westin Book-Cadillac Hotel and Residences via an elevated and enclosed walkway. The loan included $9.8 million in first mortgage financing and $2.5 million in mezzanine financing.

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