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Downtown Residence Inn Garners $141M Financing
Prime LaSalle/Madison Partners, the owner of the 381-key Residence Inn Chicago Downtown/Loop located at 11 S. LaSalle, closed on $141 million of new senior and mezzanine loan financing. The lender wasn’t disclosed. PLMP is owned and controlled by The Prime Group, Inc.
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 and to pay fees and transaction costs.
“Based on the quality, location, and historical performance of the hotel, we were very fortunate to secure attractive financing in spite of the tumultuous times facing the hospitality industry,” said Prime CEO Michael W. Reschke. “This new financing was structured to give time for the hotel to fully recover over the next two years, a time period we conservatively estimate may be required before the pandemic is eradicated and the hospitality industry fully recovers.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
