Main Street Registry

Shambhu Hotel LLC

Des Plaines, IL · Hotels (except Casino Hotels) and Motels · NAICS 721110

Shambhu Hotel LLC, located in Des Plaines, Illinois, operates in the hotels and motels industry (NAICS 721110). The company was approved for an SBA 504 loan with an SBA portion of $5.5 million, with Midland States Bank as the lender and approval dated August 16, 2024, for real estate or equipment financing, and the loan was reported as not funded.

SBA 504 loan, approved Aug 16, 2024

$5,500,000 SBA portionCDC: SomerCor 504, Inc.25 years termApproved, not yet fundedLoan details
SBA (CDC) portion
$5,500,000
Bank portion
$10,500,000
Estimated project size
$17,777,778 (estimated)
Estimated owner equity
$1,777,778 (estimated, about 10% of the project)
Bank lender
Midland States Bank, Effingham, IL
CDC
SomerCor 504, Inc.
Processing method
Accredited Lenders Program: CDC with an expedited SBA review
Term
25 years (300 months)
Estimated maturity
August 16, 2049 (estimated, approval date plus term)
Loan status
Approved, not yet funded
Jobs supported
5
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Project location
Cook County, IL
SBA district office
Illinois District Office
Congressional district
IL-5
Collateral
Yes

Estimated share of project by source

Bank 59% SBA (CDC) 31% Owner 10%

  • Larger than 98% of expansion loans in Hotels (except Casino Hotels) and Motels on this site.
  • Average expansion loan in Hotels (except Casino Hotels) and Motels: $2,843,226.
  • Average expansion loan in Illinois: $2,310,827.

Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.

Is this your company? Claim or correct this listing. See Corrections.

Same industry in Illinois