Refinancing secured for Chicago extended stay hotel

George Sell George Sell Uploaded 23 February 2021

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US: Prime LaSalle/Madison Partners LLC (PLMP), the owner of the 381-key Residence Inn Chicago Downtown/Loop has closed on $141 million of new senior and mezzanine loan financing for the hotel.

PLMP is owned and controlled by The Prime Group Inc. and its founding shareholder, chairman and CEO, Michael W. Reschke. Proceeds of the financing were used to repay the senior loan and preferred equity financing originally funded to acquire and construct the hotel, to establish reserves for working capital, interest and certain other items and to pay fees and transaction costs.

The Residence Inn Chicago Downtown/Loop opened in September 2015. The hotel was developed as part of the adaptive-reuse of the 38-story Roanoke Building & Tower, a historic landmark tower built in three phases from 1915 to 1925, originally designed by Holabird & Roche with the final phase designed by Andrew Rebori.

 

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