GMACCM PROVIDES $32.6 MILLION FOR HOTEL RENOVATION AND CONVERSION

SKOKIE, ILL. — GMAC Commercial Mortgage Corp. (GMACCM) has provided a financing package totaling approximately $32.6 million for the renovation and conversion of the North Shore Skokie Hotel in Skokie. The hotel, located at 9599 Skokie Blvd., will be renovated and converted into the Doubletree North Shore Hotel and Conference Center — Skokie. The 12-story tower comprises 270 guestrooms and a four-story executive wing containing an additional 97 guestrooms. The hotel also features approximately 22,500 square feet of meeting space, a kosher kitchen, a fitness center, a business center, an indoor/outdoor pool and the 238-seat Daily Grill restaurant. GMACCM's hospitality industry division arranged and underwrote the transaction, which included approximately $28.6 million in floating-rate acquisition financing and $4 million in floating-rate mezzanine financing. Oxford OBG-Waterton Skokie Hotel Mezz LLC and Oxford OBG-Waterton Skokie Hotel Property received the funding.