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Chicago’s Hard Rock Hotel Snares $75M for Renovation
NKF arranged a three-year, $74.85 million bridge loan for the Carbide & Carbon Building, located at 230 North Michigan Avenue, known most recently as Chicago’s Hard Rock Hotel. Becker Ventures, the hotel’s owner, plans to reposition the property as the 363-room St. Jane Chicago.
The 37-story, Art Deco high-rise was designed by the Burnham Brothers and constructed in 1929. The Hard Rock Hotel is slated to close on December 1, 2017 and reopen in spring 2018 under the St. Jane Chicago name.
Renovations include 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.
NKF’s Ben Greazel originated the loan, which will allow for planned renovations at the property.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing