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ROSEMONT, IL-Mid-America Development Partners, based in OakBrook, and the Harp Group, based in Chicago, have secured $136million in financing for the construction of a 563-keyInterContinental Hotel, at the northwest corner of River Road andFoster Avenue. BlueStone Real Estate Capital, based inPhiladelphia, secured the financing, which was 90% loan-to-cost,from Amalgamated Bank's Ultra Fund, says Andrew Benioff, managingpartner of BlueStone Real Estate Capital. The estimated cost of theproject is $152 million, Benioff tells GlobeSt.com.

Construction is already under way on the 12-story, 350,000-sfhotel. The hotel will also have approximately 27,000 sf of meetingand banquet space and will have a Cenitare Restaurant ofapproximately 10,000 sf, Benioff tells GlobeSt.com. Additionally,there will be the Capital Grille restaurant and McCormick &Schmick's restaurant on freestanding outlots. The ground leases forthe freestanding restaurants have terms "ranging from 10 to 15years with extension opens that could make them as long as 25 to 30years," Benioff says. Lease rates were not disclosed.