The joint venture, FMH Ambassador East LLC, paid $44.5 million for the 80-year-old Gold Coast hotel, owned by the Dallas-based Omni hotel chain. That equates to $263 per sf for the property at 1301 N. State St. The loan allows the partners to spend $62 per sf on the conversion.
Fremont Investment & Loan underwrote, approved and closed the loan in eight days, says vice president and senior loan originator David Sharp. Members of the joint venture are current customers of Fremont Investment & Loan, adds vice president and regional manager Scott Manlin.
In addition to the proposed 115-story Fordham Spire along the lakefront, developer Chris Carley's company also has built its namesake Fordham, the Pinnacle and 65 E. Goethe, all Gold Coast condominium projects. Mid-America Development Partners and Harp Group worked together on building the 441-room Westin North Shore in Wheeling.
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