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Mike Reschke took a big gamble and won when his firm, The Prime Group, redeveloped the historic Continental Bank Building into the JW Marriott Chicago. The Central Loop is now one of Chicago's best-performing hotel submarkets, and Reschke and his partners in the hotel just landed an eye-popping refinancing.
Natixis provided a $270M, five-year, fixed-rate loan for the JW Marriott, the Commercial Observer reports. The hotel occupies the first 12 floors of the building and features 610 rooms, a 20K SF spa, 45K SF of meeting space, a fitness center and The Florentine, a seasonal Italian restaurant.
Natixis saw a strong sponsor in the hotel. Reschke told Bisnow last December that revenue per available room in the Loop has outperformed other markets, as leisure travelers now see the advantage of staying downtown. The refinancing also comes as The Prime Group is developing a 223-room Canopy by Hilton above the JW Marriott. That hotel is slated for a fall 2018 delivery.
HFF's Danny Kaufman and Jeff Bucaro arranged the financing.
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