The Hotel Northland is on-track for its 2018 opening, following a court hearing Monday afternoon. During the hearing, the court approved a request by Receiver Paul Swanson to incur an additional $12 million in debt for the purpose of completing the construction on the Hotel Northland project.
Under the proposal, Octagon Credit Partners LP will loan these funds to the project. Subcontractors have already returned to work at the Hotel Northland, with additional companies expected to return this week. As Judge William M. Atkinson noted during the hearing, construction days are critical to ensure the hotel is finished and ready before the beginning of the 2018 Packers season.
The general contractor, Ganther Construction, is currently on schedule for a mid-July completion date.
“This is the best possible outcome” said Mayor Jim Schmitt. We are glad that Octagon stepped up.” JP Williamson, Principal of Octagon, said he’s looking forward to the grand opening of the Hotel Northland