JLL arranges $57.58M loan for extended-stay hotel in Chicago
Loan proceeds will be used to refinance the construction loan
CHICAGO, January 22, 2020 – JLL Capital Markets announced today that it has arranged a $57.58 million refinancing for Home2Suites by Hilton Chicago River North, a newly constructed, 206-suite, extended-stay hotel in Chicago’s downtown River North neighborhood.
JLL worked on behalf of the borrower, Akara Partners, to place the floating-rate loan with a global investment management firm. Loan proceeds will be used to refinance the construction loan.
Home2Suites by Hilton Chicago River North opened its doors in February 2019. The 17-story, pet-friendly hotel features a contemporary design, flexible guest room configurations and a concrete and glass exterior with floor-to-ceiling windows. Guest amenities include a fitness center, business center, outdoor terrace with fire pit, free breakfast, meeting space with teleconferencing capabilities, and a ground-floor restaurant. Situated in the heart of River North at 110 West Huron Street, the Home2Suites is between Michigan Avenue, Chicago’s largest shopping district, and the Loop, the downtown financial district. The hotel is surrounded by 146 million square feet of office space and within walking distance to the new, $100-million Chicago Riverwalk. Additionally, the hotel is proximate to major Chicago attractions, including Navy Pier, Millennium Park, the theater district, and the United Center.
The JLL Capital Markets team was led by Keith Largay, Jeff Bucaro, Nicole Aguiar and Brian Walsh.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Akara Partners
Akara Partners is a data-driven direct real estate investment, development and operating platform that employs opportunistic investment strategies to generate superior risk-adjusted returns. Akara was founded in 2013 to capitalize on investment opportunities across the real estate value chain. Visit akarapartners.com to learn more.