Completed in 2010, 505 North State Street consists of the 259-key Hotel Palomar, operated by Kimpton Hotels, and a 145-unit high-end residential component. The project is located in the heart of Chicago’s River North area which features many of the city’s finest restaurants, shopping and entertainment venues. The 36-story project adds a striking new architectural element to the River North neighborhood.
Despite tight credit markets in the United States in 2008, NEBF Investments, the predecessor company to National, stepped up to provide critical construction financing to get the project off the ground, as well as flexible secondary financing to support the project after completion. Upon completion, the entire residential tower was master-leased to BridgeStreet Corporate Housing and the hotel opened under the Kimpton flag as a Hotel Palomar.
Please visit Hotel Palomar's website at http://www.hotelpalomar-chicago.com/index.html.
- 36 story, mixed-use high-rise
- 259-key hotel
- 145 residential units
- 119 parking spaces
- 7,000 SF restaurant
- Construction loan for hotel and residential components
- Forward permanent loan option for forward purchaser of hotel
- Mezzanine loan option for residential component