Cleveland – July 27, 2018 – BGL Real Estate Advisors (BGLREA) is pleased to announce the closing of the refinance of The Westin Book Cadillac in Downtown Detroit, Michigan. BGLREA acted as the advisor to John Ferchill and The Ferchill Group, the developer and owner of the project. The refinance is part of a larger portfolio management strategy for The Ferchill Group.
The Book Cadillac is located in the Washington Boulevard Historic District, and features 31 floors of luxurious rooms overlooking Downtown Detroit, Michael Symon’s ROAST restaurant, 35 full suites, 418 spacious guestrooms (averaging 475 sf), and 67 exclusive luxury condominiums and penthouses on the top 8 floors. Designed in a Neo-Renaissance style, the Book Cadillac embodies a variety of Neo-Classical elements, such as detailed sculptures of major figures in Detroit’s history, an ornate façade made from brick and limestone and copper-covered roof elements. A $200 million reconstruction was completed by The Ferchill Group in October 2008. The Book Cadillac is listed on the National Register of Historic Buildings and was renovated according to the National Park Service standards.
The Ferchill Group is a Cleveland-based real estate development and management firm. Ferchill is recognized throughout the industry for their ability to reuse, restore and expand historic properties in cities that are renewing their national image. With more than 25 years of experience, The Ferchill Group has acquired, developed and/or redeveloped $1.3 billion in real estate assets – including office buildings, full-service and limited-service hotels and residential projects in Cleveland, Akron, Buffalo, Detroit, New York and Pittsburgh.