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Hilton hotel loan.

W. P. Carey & Co. LLC will provide approximately $49 million in funding for the construction and development of a 255-room Hilton hotel in Bloomington, Minnesota.

The funding will be made on behalf of W. P. Carey's affiliated income generating real estate fund, Corporate Property Associates 16--Global Incorporated (CPA[R]:16--Global) which will own the hotel upon completion. The property is under construction and is anticipated to be completed in January 2008.

Minneapolis-based Mortenson Development, Inc. is the developer, M.A. Mortenson Company is the design builder and Walsh Bishop Associates, Inc. is the project architect. Marcus Hotels and Resorts, a division of The Marcus Corporation, has been selected as operator.
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Date:Feb 14, 2007
Words:110
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