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SKOKIE, IL-A joint venture between Oxford OBG Hospitality and Investment Fund as well as Waterton Associates LLC financed its purchase of the 367-room North Shore Hotel and Executive Conference Center in Skokie with a $32.6-million package from GMAC Commercial Mortgage Corp. That allows the new owners of the property at 9599 N. Skokie Blvd. to pay $16.2 million for the 12-story hotel with 22,500 sf of meeting space, and have another $16.4 million for renovations.
The loan package includes $28.6 million in floating-rate debt and $4 million in floating-rate mezzanine debt. The property, which changed hands last summer for $16.5 million, will be converted to the Doubletree North Shore Hotel and Conference Center – Skokie.
The joint venture includes Chicago-based Oxford Capital Partners Inc.; Park Ridge-based management company Bricton Group; and interior designers Gettys Group.
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