IBC Provides Financing for Mayo Hotel Restoration

Regional Commercial lender International Bank of Commerce-Oklahoma has provided a $23.5 million Senior Secured Credit Facility for construction financing to Presidian Companies and its partner Mayo Hotel and Lofts L.P. for the restoration of the $40 million luxury hotel together with upscale residential lofts.
On July 1 at 2 p.m., IBC Bank, in conjunction with Presidian Companies and the Mayo Hotel, will host a groundbreaking event at the hotel located at 115 West 5th Street. The Mayo Hotel and Lofts is slated for reopening in late 2009.
“This project is part of an economic investment in the revitalization of downtown Tulsa and contributes to the fast-paced growth the city is experiencing. IBC Bank is excited to play a role in this unique project that incorporates first-class design, the latest upscale amenities and the best of downtown living,” said Bill Schonacher, IBC Bank’s Tulsa market president. “The hotel has hosted guests from John F. Kennedy to Charlie Chaplin, and we are proud to help bring its beauty and grandeur back for a whole new generation.”
The newly restored Mayo Hotel and Lofts will offer 100 luxury hotel rooms and suites. In addition to the hotel, 72 renovated lofts will be available for lease featuring the latest in upscale amenities. The renovation to the hotel will also include the historic restoration of the 8,000 SF Crystal Ballroom, as well as updates to the first floor “Grand Hall” that will include the original grand staircase and other historical features. Additionally, the hotel will feature business meeting rooms and a fine dining restaurant with a state-of-the-art banquet kitchen.

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