Hotel Financing Half Way There
Hotel funding past half-way mark
Developer is committed to the project
Link (WANE)
“NewsChannel 15 has learned that the developer of the Harrison Square hotel has secured more than half of the funding necessary to build the $20 million dollar facility.
Matt Frankiewicz, Director of Development for White Lodging, said Centier Bank has committed to more than half of the funding for the project.
Centier Bank is now working to bring in other lenders for the remainder of the funding.”
[...]
“Frankewicz said they hope to have the rest of the money secure within 3 to 4 weeks and that the slump in the economy coupled with the credit crunch has just come at a very bad time. “
And in other news…
Merrillville bank to open local office
Link (JG)
“Merrillville-based Centier Bank is opening a loan production office near the Dupont Hospital campus late next month or in early February. The bank is waiting to sign a lease.
Steven Watts, Centier’s community bank president for four counties, including Allen, said Thursday that he’s already staffed the office with two career Fort Wayne bankers. Gerald Thompson was most recently with Tower Bank. Phil Bundy most recently worked for Salin Bank.
Centier’s local office will focus on commercial loans. The bank specializes in real estate loans, especially those used for residential development and home construction.”
While WANE TV is hardly infallible, did anyone else notice that our $35 million dollar hotel is now reportedly a $20 million dollar hotel? Are we moving from a Courtyard with limited dining service to a Motel 6 with with a receptionist behind two inches of plexiglass?
Go ahead guys, bring on some more of these great public/private partnerships.
Mark, I was wondering the same thing, wonder why the discrepancy.
You guys aren’t paying attention – Can’t you see that the poor economy is going to be used to explain the new “downgrade”. After all, it’s the excuse for all the problems that have been visited on this boondoggle (it still is THAT).