The St. Jane Hotel Lands $75M In Financing
Becker Ventures and Aparium Hotel Group's efforts to rebrand the Hard Rock Chicago Hotel as the St. Jane Hotel received a major shot in the arm. Newmark Knight Frank arranged a three-year, $74.9M bridge loan for the Carbide and Carbon Building that the hotel will call home when it opens in spring 2018.
NKF's Ben Greazel arranged the floating rate loan with Bank of the Ozarks. The proceeds will fund Aparium's planned renovations for the 363-room hotel. Renovations will feature updated interiors, a new indoor/outdoor rooftop bar and lounge on the 24th floor, a full-service restaurant, a market café, a cocktail bar, and 11K SF of meeting and event space. The hotel will also include The Tower at St. Jane, a boutique offering housed on floors 25 and above that will feature 33 luxury appointed suites.
The St. Jane brand pays tribute to Jane Addams, the legendary Chicago suffragist known as the mother of modern social work and the founder of the American settlement house movement.