Newmark Knight Frank, a commercial real estate advisory firm, arranged a three-year, $74.8 million bridge loan for the Carbide & Carbon Building, located at 230 North Michigan Avenue, known most recently as Chicago’s Hard Rock Hotel.
Ownership of the hotel, Becker Ventures, plans to reposition the property as St. Jane Chicago. Ben Greazel, executive managing director of NKF’s Chicago capital markets group, originated the loan, which will allow for planned renovations at the property.
The 37-story, art deco high-rise building was designed by the Burnham Brothers and constructed in 1929. Becker Ventures, alongside Chicago-based hotel manager Aparium Hotel Group, plans to close the Hard Rock Hotel currently operating within the building on Dec. 1, 2017. The hotel will reopen under the flag, St. Jane Chicago.
Renovations will include updated interiors with the addition of an indoor/outdoor rooftop bar and lounge on the 24th floor, a full-service restaurant, a market café, cocktail bar and well as 11,000 square feet of meeting and event space. The hotel is expected to debut in the spring of 2018 with 363 guestrooms. The hotel will also include The Tower at St. Jane, a boutique luxury entity of the property housed on floors 25 and above that will have 33 suites.
NKF arranged the $74,850,000 floating rate loan with Bank of the Ozarks.