LaSalle gets $300 million loan

4-Aug-12 – It is uncertain what exactly they intend to spend it on, but the real estate investment trust that owns Marina City’s Hotel Sax and 37 other hotels has closed on a $300 million loan.

A variety of banks are involved, including Citibank, Compass Bank, Deutsche Bank, the Los Angeles branch of Mega International Commercial Bank, PNC Bank, Sumitomo Mitsui, U.S. Bank, and Wells Fargo Bank. Numerous entities are listed as guarantors of the unsecured loan, including LHO Chicago River, LLC.

The company accepted $200 million on August 2 and according to a news release on Friday, expects to withdraw the remaining $100 million within three months. LaSalle has five years to pay it back with a one-year extension if certain conditions are met. Depending on earnings and liabilities, the interest rate will be no less than 2.68 percent.