BLUESTONE REAL ESTATE CAPITAL SECURES $136MM DEBT & MEZZANINE CONSTRUCTION/MINI-PERM FINANCING FOR INTERCONTINENTAL HOTEL
Philadelphia, PA – March 27, 2007 —
BlueStone Real Estate Capital secured a $136 million dollar debt/mezzanine construction loan and a five-year mini-perm for the development of an Intercontinental Hotel in Rosemont, IL. Mid-America Development Partners and The Harp Group will develop the property and once completed, Portfolio Hotels and Resorts will manage and operate the hotel. The 570-room, four star hotel and convention center will also include The Capital Grille and McCormick & Schmick's restaurants on freestanding out-lots.
"High profile, pure play, ground-up construction projects such as this one can be challenging to complete in today's marketplace," said Andrew Benioff, managing partner, BlueStone Real Estate Capital. "In this case, we knew we were up for a significant challenge, yet were interested because we believed this was a great project with experienced partners. The dedication and deep hotel development experience of The Harp Group and Mid-America Development Partners are one of the reasons why this project has been such a success."
"We've had a successful working relationship with BlueStone Real Estate Capital and their added value to this complex financing was a huge benefit to everyone involved," said Adam Firsel, director of finance, Mid-America Partners."
"The number one reason why this deal became a reality is due to BlueStone's relationship with one of the finest construction lender's in the country," said Matthew McManus, BlueStone's chairman. "Amalgamated Bank's Ultra Fund was the lead lender; San Diego National Bank participated in the loan and it was also sourced by BlueStone."
The 36-month, 90 percent loan-to-cost transaction was priced under nine percent and can be extended for another 24 months at the option of the borrower.
"High profile, pure play, ground-up construction projects such as this one can be challenging to complete in today's marketplace," said Andrew Benioff, managing partner, BlueStone Real Estate Capital. "In this case, we knew we were up for a significant challenge, yet were interested because we believed this was a great project with experienced partners. The dedication and deep hotel development experience of The Harp Group and Mid-America Development Partners are one of the reasons why this project has been such a success."
"We've had a successful working relationship with BlueStone Real Estate Capital and their added value to this complex financing was a huge benefit to everyone involved," said Adam Firsel, director of finance, Mid-America Partners."
"The number one reason why this deal became a reality is due to BlueStone's relationship with one of the finest construction lender's in the country," said Matthew McManus, BlueStone's chairman. "Amalgamated Bank's Ultra Fund was the lead lender; San Diego National Bank participated in the loan and it was also sourced by BlueStone."
The 36-month, 90 percent loan-to-cost transaction was priced under nine percent and can be extended for another 24 months at the option of the borrower.
