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Detroit Regional Partnership starts to notch some wins

Detroit Regional Partnership starts to notch some wins
crainsdetroit.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from crainsdetroit.com Daily Mail and Mail on Sunday newspapers.

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Real Estate Insider: Troy Marriott's ownership on the line as loan workout sought

Real Estate Insider: Troy Marriott's ownership on the line as loan workout sought
crainsdetroit.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from crainsdetroit.com Daily Mail and Mail on Sunday newspapers.

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H.W. Kaufman Subsidiary Acquires Historic Building in Downtown Detroit

DBusiness Magazine
H.W. Kaufman Subsidiary Acquires Historic Building in Downtown Detroit
Burns & Wilcox, a subsidiary of the global insurance company network the H.W. Kaufman Group, has announced the purchase of 119 State St. in the Capitol Park Historic District behind the Westin Book Cadillac Detroit. The red brick structure will serve as a satellite location for Burns & Wilcox’s primary offices in Farmington Hills.
Burns & Wilcox has announced the purchase of 119 State St. in the Capitol Park Historic District in Detroit. // Photo courtesy of Hannah-Neumann/Smith
Burns & Wilcox, a subsidiary of the global insurance company network the H.W. Kaufman Group, has announced the purchase of 119 State St. in the Capitol Park Historic District behind the Westin Book Cadillac Detroit. The red brick structure will serve as a satellite location for Burns & Wilcox’s primary offices in Farmington Hills. ....

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Deadline Detroit | Detroit's Westin Book Cadillac heading into foreclosure

Westin Book Cadillac (Photo: Wikimedia Commons/Sk8terjacob)
The Westin Book Cadillac hotel is facing foreclosure due to plummeting revenues amid the pandemic, its owner tells Crain s Detroit Business.
The 33-story tower was rehabbed in 2008 for $180 million. According to Crain s, owner John Ferchill is underwater with $77 million in commercial mortgage-backed securities debt that has been delinquent since May. The property is valued at $75 million.
Ferchill says he s been unable to come to an agreement with his lender, Citi Real Estate Funding Inc.
We are not unique, Ferchill said. We have tried everything to work with a lender who won t work with us, which quite frankly is a testament to how good of a property we created. They would rather take it for themselves than work it out with the borrower. We have not received one concession. ....

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