CATEGORIES | Debt | Equity | Financial Advisory | Investments | Multifamily | Student Housing
FIDES Capital Partners, LLC ("FIDES") is pleased to announce that it has arranged a $19.4 million senior secured construction facility for the development of a 145-room Hyatt Place in downtown Champaign-Urbana, IL. FIDES served as the financial advisor to the developer in arranging the construction facility to complete the 165,625 square foot project, which is the only hotel operating in the under-served market of downtown Champaign. The hotel is just minutes away from the University of Illinois, the state's flagship institution. "This was an interesting deal as the developer started the project without construction financing in-hand, which some lenders couldn't get their heads around. But it is a phenomenal project and should do very well. We have also arranged a second construction facility on a hotel within a campus town, that will be closing the very beginning of next year." said Greg Longoria of FIDES.