Chicago, Illinois

Completed in 2010, 505 North State Street is a mixed-use development consisting of residential, hospitality and parking uses.  The project is located in the heart of Chicago’s River North area which features many of the city’s finest restaurants, shopping and entertainment venues.   The 36-story project adds a striking new architectural element to the River North neighborhood.  The project consists of a  259-room Hotel Palomar, operated by Kimpton Hotels, and a 145-unit high-end residential component.  Despite tight credit markets in 2008, National stepped up to provide critical construction financing to get the project off the ground, as well as flexible secondary financing to support the project after completion.