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Newmark successfully arranged a three-year, $74,850,000 bridge loan for the Carbide & Carbon Building, located at 230 North Michigan Avenue, known most recently as Chicago’s Hard Rock Hotel. Ownership of the hotel, Becker Ventures, plans to reposition the property as St. Jane Chicago. Executive Managing Director Ben Greazel of Newmark’s Chicago Capital Markets Group originated the loan which will allow for planned renovations at the property.
The 37-story, Art Deco high-rise was designed by the Burnham Brothers and constructed in 1929. Becker Ventures with hotel manager, Chicago-based Aparium Hotel Group plans to close the Hard Rock Hotel currently operating within the building on December 1, 2017. The hotel will reopen under the flag, St. Jane Chicago. Renovations will feature updated interiors with the addition of an indoor/outdoor rooftop bar and lounge on the 24th floor, a full-service restaurant, a market café, cocktail bar, as well as 11,000 square feet of meeting and event space. The hotel is expected to debut in the spring of 2018 with 363 guest rooms. The hotel will also include The Tower at St. Jane, a boutique luxury entity of the property housed on floors 25 and above that will feature 33 luxury appointed suites.
Newmark arranged the $74,850,000 floating rate loan with Bank of the Ozarks.
About Newmark
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.