Finance N Illinois

JLL arranges $57 million loan for extended-stay hotel in Chicago

JLL arranges 57 million loan for extended-stay hotel in Chicago,ph1

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

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 proximate to 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.