Westin Book Cadillac Residences

Westin Book Cadillac Exterior Westin Book Cadillac Residence Kitchen

Client

Cadillac Residence Ltd. Dividend Housing Assoc., LLC

Project Size

89,360 square feet1
67 units2
1. Net sellable residential floorspace
2. For-sale condominiums

Fund Utilized

Lower Woodward Housing Fund - closed July 2006

Description

The Westin Book Cadillac Hotel and Residences project represents the renovation of a landmark hotel property located in Detroit’s Central Business District. The historic structure was restored to provide 453 hotel rooms flagged as a full-service Westin and 67 for-sale condominium residences located on the top seven floors. The Book Cadillac Residences include one, two and three-bedroom floor plans ranging from 946 to 1,434 square feet, as well as 2,625 to 4,470 square foot penthouses. The condominium residents enjoy access to all hotel amenities. The hotel renovations were finished in a style similar to the look of the original Book Cadillac, but consistent with the design and quality standards of a Westin hotel property.

Invest Detroit through the Lower Woodward Housing Fund (LWHF) participated in the financing of the construction of the residential portion of the project by providing a Real Estate loan.

LWHF management worked with The Ferchill Group (Developer), the City of Detroit and other financing sources to facilitate this historic renovation of the Book Cadillac Building. LWHF financing for the condominium residences. Other financing sources for the residences included Michigan State Housing and Development Authority (MSHDA), National City Bank, Brownfield/SBT tax credit equity, National City Community Development Corporation and Developer equity.

The Book Cadillac Hotel is a federal and state historic landmark and, as such, the project generated federal historic and state rehabilitation tax credits. It also qualified for New Market Tax Credits, state brownfield tax credits, Michigan single business tax credits and easement tax credits. Those credits were monetized to generate significant project equity. These along with financing from tax-exempt Empowerment Zone Bonds, loans from the Downtown Development Authority that included a Section 108 loan, a redevelopment loan, and a demolition and remediation loan provided financing for the hotel.