Loop building conversion lands $68M loan

Chicago developer Michael Reschke has received a $68 million construction loan to finance the conversion of a Loop office building into a 380-room Residence Inn by Marriott hotel, ChicagoRealEstateDaily.com reports.

Massachusetts Mutual Life Insurance Co. made the loan for the project at 11 S. LaSalle St., according to a mortgage filed last month with the Cook County Recorder. The financing allows Reschke to begin the $136 million conversion and resolve a $50 million foreclosure suit filed in 2012 against the 35-story tower, known as the Roanoke Building.