Search
 

Harp Secures Mezz Piece for $180M Project

ROSEMONT, IL-The Harp Group is developing the 350,000-sf InterContinental Chicago O'Hare Hotel, which will have 570 rooms.

By Gina Kenny | Updated on June 19, 2007

(Read more on the debt and equity markets.)

ROSEMONT, IL-The Harp Group, based in Oakbrook Terrace, has secured mezzanine financing needed for the development of the InterContinental Chicago O’Hare Hotel. The hotel will be located at the northwest corner of River Road and Foster Avenue. Equibase Capital Group LLC, based in Chicago, provided a $12.5-million mezzanine loan for the development.

John Didrickson, principal with Equibase, would not disclose the term or rate for the loan. The project is estimated at $180 million, Didrickson says. Amalgamated Bank’s Ultra Fund and San Diego National Bank provided senior financing of $136 million, with a rate below 9% and a term of 36 months with the option of the borrower of extending the loan for another 24 months.

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.