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$180M Renovation Gets Long-Awaited Financing

DETROIT-The $180-million Book-Cadillac Hotel project involves 22 layers of financing and has taken more than two years to assemble.

By Dana Dubriwny | Updated on July 06, 2006

(To read more on the debt and equity markets, click here.)

DETROIT-After years of searching for a lender, Meridian Capital Group has finally locked in the first mortgage construction loan for the historic renovation and restoration of the Book-Cadillac Hotel. The $180-million project involves 22 layers of financing and has taken more than two years to assemble from a variety of public and private capital sources.

The first mortgage was the final component of the capital stack and proved to be the most difficult to obtain for Cleveland-based developer, the Ferchill Group. Meridian’s senior broker Jennifer Cherney, who ultimately completed the transaction, tells GlobeSt.com that never before in her career had she been involved in such a complex project.

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