NKF arranged a three-year $74,850,000 bridge loan for the Carbide & Carbon Building, formerly Chicago’s Hard Rock Hotel, located at 230 North Michigan Avenue.
Ownership of the hotel, Becker Ventures, plans to reposition the property as St. Jane Chicago. Executive Managing Director Ben Greazel of NKF originated the loan which will allow for planned renovations of the property.
Renovations will include an indoor/outdoor rooftop bar and lounge on the 24th floor, a full-service restaurant, a market café, cocktail bar and 11,000 square feet of meeting and event space. The hotel is expected to debut in the spring of 2018 with 363 guest rooms. The hotel will also include The Tower, a boutique luxury entity of the property which will feature 33 suites.
The Hard Rock Hotel will close in December 2017. The 37-story, Art Deco high-rise was designed by the Burnham Brothers and constructed in 1929.