CHICAGO – January 26, 2016 – Acting as Lead Arranger & Administrative Agent, Associated Bank recently coordinated a $36,000,000 loan for SMASHotels Chicago, LLC, an ECD Company affiliate, for the construction of a new 195-room Marriott Autograph Collection Hotel in the Streeterville neighborhood of Chicago. The 21-story hotel, located at 228 E. Ontario Street, will include a first floor restaurant and lounge, meeting/ event space, a fitness room, and business center. Associated previously provided the land acquisition loan for the property.
Marriott’s Autograph Collection is an evolving ensemble of strikingly independent hotels with locations selected for their quality, bold originality, rich character and uncommon details. The result is an array of unique properties that offer all the benefits of Marriott’s loyalty program that enables guests to earn and redeem reward points.
ECD Company was established in Denver, Colorado in 1965. The company portfolio includes 3 other hotels located in the Chicago area which it developed, owns and continues to manage through its affiliate SMASHotels Life & Travel: theWit Hotel, located at State & Lake in the loop; the Fairfield Inn & Suites Magnificent Mile, located on Ontario Street, just 30 feet east of the new Marriott Autograph; and the Hampton Inn & Suites Lincolnshire located in CityPark Lincolnshire. ECD has also developed apartment communities, office and industrial buildings, restaurants, and mixed use developments with projects currently under development valued at over $150 million.
Senior Vice President Krista Casper of the Commercial Real Estate division of Associated Bank managed the loan.
Headquartered in Chicago, Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. Associated’s Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio and Wisconsin.