CRE Midwest

Mission Capital Advisors secures $44.4 million loan for Soho House

Mission Capital Advisors LLC has arranged for a $44.4 million construction loan for the development of the Soho House in Chicago.

Mission Capital Advisors LLC has arranged for a $44.4 million construction loan for the development of the Soho House in Chicago.

Mission Capital obtained the loan on behalf of the sponsor, a joint venture between Shapack Development and AJ Capital Partners, both of Chicago.

“Soho House is one of the leading private social clubs in the world,” said Jordan Ray, managing director of Mission Capital’s Debt & Equity Finance team.  “A club of Soho House’s caliber will be a great addition to Chicago and the rapidly developing Fulton Market district of the West Loop.”

The property is a six-story, 117,000-square-foot industrial building constructed in 1908.  Scheduled to open summer 2014, Soho House Chicago will include 40 hotel rooms, a Cowshed Spa, gym, restaurant and bar, rooftop pool and a screening room, as well as Chicken Shop and Pizza East restaurants.  Founded in 1995, Soho House Group operates 11 Soho Houses, 14 freestanding restaurants, seven hotels, three freestanding cinemas and eight Cowshed spas, globally.

The joint venture purchased the property in February 2012 and subsequently signed a long-term lease with London-based Soho House Group.