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WHEELING, IL-A partnership between the Harp Group, based inOakbrook Terrace, IL, and Oak Brook, IL-based Mid-AmericaDevelopment Partners has refinanced the Westin Chicago North ShoreHotel and is adding New York City-based Marathon Opportunity Fundas an equity partner. The amount of the refinancing is $101 millionand has a term of three years with two options for one-yearextensions, says David Bossy, chairman of Mid-America. The loan tovalue is approximately 75%, he says. The loan is with JPMorganChase, which also was the lender for the project's $86-millionconstruction financing.

The $100-million hotel opened last November at 601 N. MilwaukeeAve. The 16-story, 390,000-sf building has 412 rooms, 40,000 sf ofmeeting space, 16,000 sf of ballroom space and threerestaurants--Osteria di Tramonto, Tramonto's Stead & Seafoodand RT Lounge created by chefs Rick Tramonto and Gale Gand. Thehotel is operated by Starwood Hotels and Resorts International,based in White Plains. The partnership of the Harp Group andMid-America Development Partners decided to develop a hotel at thelocation because there were very few four-star, full-service hotelsconstructed in the Chicagoland area in the past 20 years, Bossysays. The site, at the intersection of Lake-Cook Road and MilwaukeeAvenue, also "has great geographical coordinates," he says.