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.
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