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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick-Goldman Company Arranges
$17.5 Million Refinancing for Cadillac Tower.
One of CBD Detroit’s Most Prestigious Buildings Earns Bid From a New Lender
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Friday, September 02, 2005
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New York, NY
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Sonnenblick-Goldman Company, serving as the exclusive financial advisor to an affiliate of the Northern Group, Inc., has recently arranged a 10-year, $17.5 million, non-recourse, first-mortgage refinancing for the Cadillac Tower in Detroit, Michigan.
The 40-story Cadillac Tower, which once was one of the tallest buildings in the country, is located in the heart of downtown Detroit, adjacent to Campus Martius Park. The building, which has a total of 347,632 square feet of rentable space, remains one of Detroit’s most prestigious commercial addresses, due to its central location, classic architecture, and excellent physical condition. The building is 50% leased to the City of Detroit.
“Sonnenblick-Goldman was able to obtain aggressive terms in the challenging Detroit office market,” said Andrew Oliver, managing director of Sonnenblick-Goldman Company.
The lender is an offshore bank.
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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