3 Banks Backing Luxury Project in Chicago
J.P. Morgan, Bank of America and RBS Citizens have agreed to provide a $210 million construction loan for a luxury hotel/residential complex in Chicago.
The lenders are seeking to syndicate an unspecified portion of the loan.
DRW Trading will use the proceeds to build a 52-story tower with 400 hotel rooms, 390 luxury apartments and 25,000 square feet of meeting space. The hotel will be the first bearing the Loews brand in the city.
The floating-rate loan will have a three-year term and a pair of one-year extension options. J.P. Morgan, the syndication agent, is seeking to bring in another three or four lenders. BofA is the administrative agent.
The site is at North Water Street and North Columbus Drive. Chicago-based DRW broke ground on the project about three weeks ago. Completion is scheduled for 2015.