Yikes. Just in from Crain's...


  • Westin Book Cadillac downtown may be heading toward new ownership with pending foreclosure
  • Property underwater, valued at $74.6 million, less than its CMBS loan debt of $77 million


The owner of one of the landmark redevelopment projects in the city this century says his property is headed into foreclosure after months of missed loan payments.

John Ferchill, who owns the Westin Book Cadillac hotel in downtown Detroit, said in an email that although the property hasn't been foreclosed upon yet, his lender has told him it will.

Ferchill has $77 million in commercial mortgage-backed securities debt through Citi Real Estate Funding Inc. that has been delinquent since May.

Presuming it comes to pass, and as far as I can tell, it would be the first major commercial real estate CMBS foreclosure in this region that can directly be tied to the COVID-19 pandemic.