Search
 

Developer Secures $136M for InterContinental

ROSEMONT, IL-Mid-America Development Partners and the Harp Group secure financing to construct a new $152-million hotel.

By Gina Kenny | Updated on April 01, 2007

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

ROSEMONT, IL-Mid-America Development Partners, based in Oak Brook, and the Harp Group, based in Chicago, have secured $136 million in financing for the construction of a 563-key InterContinental Hotel, at the northwest corner of River Road and Foster Avenue. BlueStone Real Estate Capital, based in Philadelphia, secured the financing, which was 90% loan-to-cost, from Amalgamated Bank’s Ultra Fund, says Andrew Benioff, managing partner of BlueStone Real Estate Capital. The estimated cost of the project is $152 million, Benioff tells GlobeSt.com.

Construction is already under way on the 12-story, 350,000-sf hotel. The hotel will also have approximately 27,000 sf of meeting and banquet space and will have a Cenitare Restaurant of approximately 10,000 sf, Benioff tells GlobeSt.com. Additionally, there will be the Capital Grille restaurant and McCormick & Schmick’s restaurant on freestanding outlots. The ground leases for the freestanding restaurants have terms “ranging from 10 to 15 years with extension opens that could make them as long as 25 to 30 years,” Benioff says. Lease rates were not disclosed.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.