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UPDATE: $33M Loan Finances Hotel Buy, Renovation

SKOKIE, IL-GMAC Commercial Mortgage Corp. provides a $28.6-million loan for a joint venture to buy the 367-room North Shore Hotel and Executive Conference Center and $4 million in mezzanine financing. The joint venture pays $16.2 million for the property at 9599 N. Skokie Blvd.

By Mark Ruda | Updated on March 26, 2006

(To read more on the debt and equity markets, click here.)

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.

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