Civic Health Development Group secured $135 million in financing for its redevelopment of the old Cook County Hospital.
The venture led by Murphy Development Group closed Friday on the loan package, according to the Chicago Tribune.
Chairman and CEO John T. Murphy said work is expected to begin within two weeks on what could eventually be a $1 billion mix of hotels, medical offices, retail space, apartments and more.
The first phase will be renovating the 345,000-square-foot former hospital at 1835 West Harrison Street.
Financing for the initial phase consists of equity, construction loans and historic tax credits, Murphy said. Equity investors include local real estate firms MB Real Estate, for which Murphy is vice chairman, and Walsh Investors, Granite Companies and Australia’s Plenary Group.
Lenders include CIBC and Ares Management.
Part of the building will be converted into Hyatt House and Hyatt Place hotels with a combined 210 rooms, along with 75,000 square feet of medical offices and 25,000 square feet of retail, Murphy said.
Skidmore, Owings & Merrill is the architect. Koo Interiors is the interior designer and Walsh Construction is the contractor. [Chicago Tribune] — John O’BrienRecommend0 recommendationsPublished in