DETROIT, February 03, 2009 – Milestone Realty Services, Inc. secured $12.3 million in financing for the acquisition of a newly constructed parking facility serving the Westin Book-Cadillac Hotel in Detroit’s central business district. The financing consisted of $9.8 million in first mortgage financing and $2.5 million in mezzanine financing.
Developed by the Downtown Development Authority (“DDA”), the 528-space, 9-story parking and retail structure is located on Michigan Avenue and connects to the newly renovated Westin Book-Cadillac Hotel and Residences via an elevated and enclosed walkway. The structure also provides parking for the general public.
Milestone Realty Services, Inc., an SEC Registered Investment Advisor, provides asset management, mortgage brokerage and asset recovery services to corporations, individuals, and institutional investors and has executed more than $650 million in real estate transactions.
Detroit’s DDA actively pursues, supports, and facilitates initiatives that aid and encourage private development, and promotes and coordinates public development within the Downtown Development District of the City of Detroit.