HFF Announces Financing Totaling $64m for Ace Hotel Chicago
Holliday Fenoglio Fowler, L.P. (HFF) announces financing totaling $64 million for Ace Hotel Chicago, a 159-key, recently opened, award-winning, Ace-branded hotel in Chicago's Fulton Market district.
The HFF team worked on behalf of the developer, Sterling Bay, to secure financing through LoanCore Capital and Ohana Real Estate Investors. Loan proceeds will be used to refinance the construction financing.
Ace Hotel Chicago is located at 311 North Morgan Street across the street from Google's new Midwest headquarters and three blocks from the future McDonald's world headquarters in the burgeoning Fulton Market district in Chicago's West Loop. The seven-story boutique hotel, which opened in 2017, features a lobby restaurant and bar with an outdoor terrace, rooftop bar, private dining area with skylights, nearly 4,000 square feet of retail space, state-of-the-art fitness center, green roofs and terraces. Guests also benefit from walking-distance access to the neighborhood's art galleries and critically acclaimed restaurants, as well as mass transit via the Morgan & Lake CTA station (Pink and Green lines) one block south of the hotel.
HFF's debt placement team included managing directors Timothy Joyce and Tony Malk, senior director Jeff Bucaro and associate Nicole Aguiar.
About Sterling Bay
Sterling Bay is a Chicago-based developer, investor, builder and innovator of real estate. The firm currently owns a portfolio of more than seven million square feet and actively invests in opportunistic and value-added real estate. http://www.sterlingbay.com/
About HFF
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
Media Contact:
Timothy Joyce
HFF Managing Director
312-528-3650
tjoyce@hfflp.com
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