Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Avatar Financial Group Provides Bridge Loan for Bloomington Hotel Conversion to Spark by Hilton
Avatar Financial Group LLC has closed a $3.55 million bridge loan that retires the bank debt on the Parke Regency Hotel and Conference Center in Bloomington, Illinois, and funds its conversion to a premium economy Spark by Hilton.
Structured at 70% loan-to-stabilized-value, the two-year loan also funded a reserve for the hotel’s Hilton-approved property improvement plan, budgeted at approximately $1.5 million. “What this hotel has lacked since going independent is distribution,” said T.R. Hazelrigg IV, President and Co-Founder of Avatar. “The Spark conversion puts this property in front of Hilton’s customers, and that’s what the PIP is really buying.”
Located at 1401-1413 Leslie Drive, the three-story hotel occupies a 5.34-acre site and features 70 guestrooms, approximately 12,000 square feet of meeting and event space, an on-site restaurant and a fitness room. The planned conversion includes guestroom and common-area improvements and will increase the room count to 71, with completion anticipated in January 2027.
