BNP Paribas and LaSalle Bank will launch at a bank meeting Wednesday in Chicago syndication of an equally underwritten $105 million deal backing Hyatt Corporation's construction of Continuing Care Retirement Community (CCRC). Hyatt has contributed $32 million of equity, and there are $21 million of operating and completion guarantees, according to sources familiar with the deal. BNP and LaSalle are co-arrangers and co-syndication agents. The credit is a five-year construction loan that will term out after one-and-a-half years. Pricing is 2 1/4 % over LIBOR, with a commitment fee of 1/2%. Bank officials did not return calls seeking comment. Frank Borg, senior v.p. finance of Hyatt in Chicago, declined to comment. Hyatt operates luxury resorts throughout North America and the Caribbean.
BNP Preps Luxury Resort Credit