Senior & Mezzanine Construction Financing
570-room upscale hotel
The development of an Intercontinental Hotel in Rosemont, IL was financed with a $136 million dollar debt/mezzanine construction loan and a five year mini-perm. The Ultra Fund, part of Amalgamated Bank, served as the lender for the deal. Mid-America Development Partners and The Harp Group will develop the property and, once completed, Portfolio Hotels and Resorts will manage and operate the hotel. The 570 room, four star hotel and convention center and will also include The Capital Grille and McCormick & Schmick’s restaurants on freestanding out-lots.
“High profile, pure play, ground-up construction projects such as this one can be challenging to complete in today’s marketplace,” said Andrew Benioff, now founder and senior managing partner of Llenrock Group LLC. “In this case we knew we were up for a significant challenge, yet were interested because we believed this was a great project with experienced partners. The dedication and deep hotel development experience of The Harp Group and Mid-America Development Partners are one of the reasons why this project has been such a success.”