CHICAGO—JLL Capital Markets introduced that it organized $76 million in acquisition financing for the St. Regis Chicago, a 192-key lodge. JLL represented the debtors, Gencom, GD Holdings, and Magellan, to rearrange the mortgage by means of the lender, Värde Companions.
Positioned in downtown Chicago, the 101-story mixed-use skyscraper is Chicago’s third tallest constructing and the tenth tallest constructing within the nation. The St. Regis consists of 192 guestrooms, together with 33 suites on six flooring and 80 flooring of residential condominium house. Constructing facilities embody 5 meals and beverage shops, assembly and ballroom areas, and a spa with an indoor pool, outside sundeck, and health heart.
The St. Regis is a brief stroll away from a few of Chicago’s landmarks together with Millennium Park, Navy Pier, the Magnificent Mile, Maggie Daley Park, and extra. Transportation entry by way of Lake Shore Drive, Chicago Transit Authority bus, and practice routes supply connectivity across the metropolis. The lodge has proximity to 2 airports, O’Hare Worldwide and Halfway Airport, each being lower than 20 miles away.
Chicago’s Central Enterprise District continues to point out indicators of restoration after quarterly new absorption ranges reached their highest stage for the reason that first quarter of 2020. Town continues to rebound in leisure demand and progresses towards full restoration.
The JLL Capital Markets Debt Advisory workforce was led by Senior Managing Director Eric Tupler, Government Vice President Jeff Bucaro, and Analysts Mark DesLauriers and Jake Martin.
“The St. Regis is the primary 5-star lodge property in-built Chicago in over a decade. Given the robust restoration of the Chicago luxurious lodge market mixed with the distinctive room high quality, sizes, and facilities, we had a number of lenders vying for the financing” stated Bucaro.