Six banks are currently underwriting tickets for BNP Paribas and LaSalle Bank's $105 million deal backing the construction of Classic Residence by Hyatt at the Glen, according to an official familiar with the credit. "They are all traditional continuing care retirement community lenders and Pritzker family lenders," the banker said. He added that the co-arrangers have yet to decide if they will award another title role to any of the interested banks. He declined to discuss ticket sizes and up-front fees. BNP and LaSalle are also co-syndication agents. Bank officials did not return calls seeking comment. Frank Borg, senior v.p. finance of Hyatt in Chicago, declined to comment.
Syndication of the equally underwritten deal launched with a bank meeting Wednesday in Chicago (LMW, 1/8). Hyatt has contributed $32 million of equity, and there are $21 million of operating and completion guarantees. The credit is a five-year construction loan that will term out after one-and-a-half years. Pricing is 21/4 % over LIBOR, with a commitment fee of 1/2%.