Developer Michael Reschke Secures $113M Refinance Loan For Residence Inn Chicago From Union Labor Life Insurance Company

Developer Michael Reschke has secured $113 million in refinancing for the Residence Inn Chicago at 11 South LaSalle Street in Chicago. The loan, provided by Union Labor Life Insurance Company, replaces a previous $141 million mortgage from Goldman Sachs. As part of the refinancing deal, Reschke injected $28 million in new equity. The 381-key hotel is located in a prime market in downtown Chicago.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $113,000,000
• Address: 11 South LaSalle Street
• Market: Chicago
• Lender: Union Labor Life Insurance Company - Edward M. Smith
• Landlord: Prime Group - Mike Reschke

Reschke's refinancing deal for the Residence Inn Chicago was facilitated by Union Labor Life Insurance Company, with Edward M. Smith serving as the lender's representative. The new loan amount of $113 million replaces the previous mortgage from Goldman Sachs, reflecting the challenges faced in the tight lending environment. The injection of $28 million in new equity by Reschke demonstrates his commitment to the property.