Hypo Real Estate Capital Corporation (HRECC), the US subsidiary of Munich-based Hypo Real Estate, has revealed it has taken a $46 mln interest in a $121 mln mortgage loan for the refinancing of the InterContinental Chicago hotel. The loan was originated by Citibank and the transaction closed in early July.
Hypo Real Estate Capital Corporation (HRECC), the US subsidiary of Munich-based Hypo Real Estate, has revealed it has taken a $46 mln interest in a $121 mln mortgage loan for the refinancing of the InterContinental Chicago hotel. The loan was originated by Citibank and the transaction closed in early July.
The real estate unit of the Government of Singapore Investment Corporation entered into a joint venture agreement with Chicago-based Strategic Hotels & Resorts in May 2007 under which GIC acquired a 49% interest in the InterContinental Chicago and Hyatt Regency La Jolla hotels. The joint venture also entered into long-term asset management and services agreements with Strategic Hotels & Resorts. The transaction had a gross aggregate value of $450 mln.
'We continue to look for opportunities that best fit HRECC and believe that participating in this loan is a prime example of our capabilities to originate and participate in a broad range of transactions,' said Evan Denner, deputy CEO of Hypo Real Estate Capital Corporation. 'Citibank, Strategic Hotel and Resorts, and GIC are premiere partners who we have successfully done business with in the past and we are confident that this would be a successful investment for all parties.'
HRECC also announced it was taking a $50 mln participation interest in a $200 mln senior mortgage loan, originated by Barclays Capital and part of an overall $460 mln debt package for the acquisition of 666 Fifth Avenue in New York.
