CHICAGO—Thor Equities secured a $420 million refinancing deal for the landmark Palmer House Hilton here.
The 23-story, 1,642-room property was acquired by Thor in 2005.
Jones Lang LaSalle represented Thor Equities in refinancing the existing $365 million loan. JP Morgan provided the five-year floating-rate, CMBS loan.
“Taking advantage of attractive interest rates and flexible loan terms is critical to creating a long-term successful business model in today’s hyper-competitive real estate market,” stated Michael Schurer, CFO of Thor Equities.