  Dan Member Username: Dan Post Number: 1229 Registered: 10-2003 Posted From: 69.47.194.247 |
Can someone please layout a brief sketch of the 17 layers of financing being used in the BC deal? I would like a better understanding of it. Thanks | ||
Lmichigan Member Username: Lmichigan Post Number: 3887 Registered: 10-2003 Posted From: 24.11.154.56 |
I doubt this has been made publicly available. | ||
Eric Member Username: Eric Post Number: 501 Registered: 11-2004 Posted From: 35.11.210.161 |
From Crains How the Book Cadillac deal stacks up Financing for renovation and rehabilitation of the Book Cadillac Hotel pending closing: Loans: iStar Financial Inc. first mortgage - $ 48.0 million Section 108 HUD Loan- $ 18.0 million (includes $8.25 million Michigan Magnet Fund loan/New Markets Tax credits) Detroit General Retirement System - $9.0 million Downtown Development Authority (includes $1 million Wayne County grant) Development Loan - $5.8 million Remediation Loan - $6.7 million MSHDA/State Loan - $6.0 million National City New Markets Tax credits loan* - $1.0 million National City Bank condo construction loan - $6.0 million Lower Woodward Housing Fund Gap Loan - $2.5 million Total: $103 million Tax Credits: State of Michigan Historic Tax Credits - $4.6 million (includes Shorebank bridge loan) Federal Historic tax credits - $ 20.0 million Single Business/Brownfield tax credits – Hotel: $7.4 million, Condos: $1.1 million Total: $ 33.1 million Equity: Developer equity - $15.0 million (includes $12.5 million loan from First Independence National Bank) Conservation easement equity (National City Community Development Corp.) - $ 28.0 million Total: $43.0 million Grand total: $179.1 million *Converts to equity Note: Additional funds totaling $4.7 million are available if needed from iStar ($2 million); National City New Markets ($1.7 million); and Maget Loan Fund ($1 million). Sources: Detroit Economic Growth Corp.; Book Cadillac development agreement; Crain research. | ||
Detroit313 Member Username: Detroit313 Post Number: 71 Registered: 02-2006 Posted From: 12.45.2.184 |
Can we say consolidate!!!313 | ||
Lmichigan Member Username: Lmichigan Post Number: 3889 Registered: 10-2003 Posted From: 24.11.154.56 |
Wow, was I wrong. lol Thanks, Eric. | ||
Dan Member Username: Dan Post Number: 1230 Registered: 10-2003 Posted From: 69.47.194.247 |
Thanks Eric. | ||
Kenp Member Username: Kenp Post Number: 24 Registered: 03-2006 Posted From: 216.93.121.82 |
There was no way to consolidate on this loan. No one was going to offer a conventional loan for a project this big and this risky. I have to give the city a lot of credit for making this thing work, it really is quite amazing that they pulled this off, or at least got it this far. There as been a lot of criticism made at the city administration, I have done my share, but this time they did a great job. | ||
56packman Member Username: 56packman Post Number: 397 Registered: 12-2005 Posted From: 129.9.163.234 |
The article in Crains stated that the B-C financing deal is one of the most complex loan arrangments devised for such a project, and the delays are due to the volume and complexity of paperwork needed. | ||
Jasoncw Member Username: Jasoncw Post Number: 184 Registered: 07-2005 Posted From: 67.149.141.170 |
That's a lot of money! I can't even imagine it. Where does all of it go? | ||
Detroitej72 Member Username: Detroitej72 Post Number: 3 Registered: 05-2006 Posted From: 66.184.3.44 |
See you all at the grand opening of the BC in the summer of 09!!!!1 Seriously, as a lifelong Detroiter, I hope we can finally have a grand hotel on par with Chicago and even "gulp"...Cleveland. | ||
Bibs Member Username: Bibs Post Number: 503 Registered: 10-2003 Posted From: 152.163.100.8 |
The grand opening of the Madison Theater/Bar will occur at the same time! | ||
Detroitej72 Member Username: Detroitej72 Post Number: 5 Registered: 05-2006 Posted From: 66.184.3.44 |
LOL... Here's to hoping!!!!!!!!!!!!!! | ||
Eric Member Username: Eric Post Number: 504 Registered: 11-2004 Posted From: 35.11.210.161 |
The long-anticipated $176 million financing package to restore the Book-Cadillac Hotel, once a symbol of Detroit money and style, will be declared a sealed deal on Tuesday, according to a spokesman for the Cleveland developer behind the project. The announcement will come at a 5 p.m. event at the Detroit Athletic Club, where Detroit Mayor Kwame Kilpatrick and developer John Ferchill will unveil plans to renovate the 33-floor downtown skyscraper that closed 22 years ago, said Bob Berg, a Detroit-based spokesman for Ferchill, the Ohio developer. http://detnews.com/apps/pbcs.d ll/frontpage |
