"The additional mezzanine financing allowed the borrower to renovate and re-flag the asset into a new boutique Indigo concept," says Tremont Realty Capital senior director Michael Hart. The 36-month loan, coupled with an existing $7-million mortgage, created new financing at 85% loan-to-cost, Hart adds, eliminating the need to take on partners.
The hotel, on four acres at the entrance to I-290/Route 53, was acquired by its current owner in 2001, according to property records. Among its competitors is the 429-room Sheraton Chicago Northwest, recently acquired by Denver-based Sage Hospitality Resources for nearly $20 million.
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