$57 million refinance for Chicago extended stay property

George Sell George Sell Uploaded 25 January 2020

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US: JLL Capital Markets, on behalf of Akara Partners, has arranged a $57.6 million refinance loan for the Home2Suites by Hilton Chicago River North.

The 206-suite extended-stay hotel in downtown Chicago’s River North neighbourhood opened in February 2019. JLL placed the floating-rate loan with an unidentified global investment management firm. Akara Partners will use the proceeds to refinance the property’s construction loan.

The 17-storey hotel is pet-friendly and features a concrete-and-glass exterior with floor-to-ceiling windows and flexible guest room configurations. Amenities include a fitness centre, a business centre, an outdoor terrace with fire pit, free breakfast, meeting space with teleconferencing capabilities and a ground-floor restaurant.

The JLL Capital Markets team was led by Keith Largay, Jeff Bucaro, Nicole Aguiar and Brian Walsh.

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