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CHICAGO-A $56.5-million loan package has been secured for a 362-room Marriott Renaissance Suites Hotel under construction at the northwest corner of Bryn Mawr and Cumberland avenues near O’Hare International Airport. Wexford Bancgroup provided investment advisory services for the debt and equity funding to Bryn Mawr, LLC.

Wexford Bancgroup financed part of a $38.5-million bridge loan with an interest-only, four-year term. Local banks also participated in the loan, says Wexford Bancgroup CEO Steve Byers. Wexford Capital Partners also funded $3 million of a $10.2-million structured equity loan. And Wexford’s corporate bank funded the $7.8-million mezzanine loan. Byers says Wexford stepped in after Bryn Mawr, LLC could not get financing through traditional bank programs.

A permanent loan will be funded upon completion of construction, expected by January 2002, and cash flow stabilization.

Lakeland Enterprises is the developer of the 14-story hotel, which will be run by Marriott subsidiary Renaissance Hotel Operating Co.

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