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Marriott Suites Gets $56-Mil Loan Package

CHICAGO-Wexford Bancgroup provides bridge, structured equity and mezzanine funding to Bryn Mawr, LLC for its 362-room Marriott Renaissance Suites being built at Bryn Mawr and Cumberland avenues near O'Hare International Airport.

By Mark Ruda | Updated on August 21, 2001

CHICAGO-A $56.5-million loan package has been secured for a 362-room Marriott Renaissance Suites Hotel under construction at the northwest corner of Bryn Mawr and Cumberland avenues near O’Hare International Airport. Wexford Bancgroup provided investment advisory services for the debt and equity funding to Bryn Mawr, LLC.

Wexford Bancgroup financed part of a $38.5-million bridge loan with an interest-only, four-year term. Local banks also participated in the loan, says Wexford Bancgroup CEO Steve Byers. Wexford Capital Partners also funded $3 million of a $10.2-million structured equity loan. And Wexford’s corporate bank funded the $7.8-million mezzanine loan. Byers says Wexford stepped in after Bryn Mawr, LLC could not get financing through traditional bank programs.

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