Finance N Illinois

JLL arranges $61M financing for new Hyatt House hotel in Chicago

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JLL arranged a $61 million refinancing for Hyatt House Fulton Market, a 200-room, newly constructed hotel in Chicago’s Fulton Market District. JLL worked on behalf of the borrower, a partnership between Sterling Bay and Wheelock Street Capital, to place the five-year, floating-rate loan with Argentic Real Estate Investments LLC. Loan proceeds will be used to retire the construction loan.

Hyatt House Fulton Market, situated at 105 N. May Street, is the only extended-stay product in the market, the only branded hotel in Fulton Market and the first hotel to feature the brand’s newest design. Features include an indoor rooftop pool with an outdoor patio, state-of-the-art fitness center, 1,570 square feet of meeting space and 5,100 square feet of retail space.

The JLL Capital Markets team representing the borrower was led by managing directors Timothy Joyce and Steven Klein and director Nicole Aguiar. The deal was secured by HFF prior to being acquired by JLL on July 1, 2019.

“This is a truly unique asset within Fulton Market with an unmatched competitive advantage throughout the greater Chicago market,” Aguiar said.