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White Lodging Doubles Down on Garden Inn Hotels

6 Jul 2015, 3:49 pm

By Ioana Neamt, Associate Editor

Hilton Garden Inn Merrillville

Hilton Garden Inn Merrillville

White Lodging recently took over management of two Hilton Garden Inn hotels located in two neighboring states. The Merrillville, Indiana-based company assumed management of the Hilton Garden Inn Merrillville and the Hilton Garden Inn Hoffman Estates in Illinois, according to a news release.

The two hotels mark White Lodging’s 18th and 19th Garden Inn-branded properties. The company currently has more than 161 hotels across 20 states in its portfolio.

The 124-room Hilton Garden Inn Merrillville is located at 7775 Mississippi St. at the intersection of I-65 and Route 30. The property is conveniently situated roughly 45 minutes from downtown Chicago, and is the recipient of the 2015 TripAdvisor Certificate of Excellence Award. The hotel incorporates 3,500 square feet of meeting and event space, fitness center, swimming pool and an on-site convenience store.

Hilton Garden Inn Hoffman Estates

Hilton Garden Inn Hoffman Estates

The 184-key Hilton Garden Inn Hoffman Estates is located at 2425 Barrington Road and provides easy access to Chicago’s O’Hare International Airport. The hotel features 2,000 square feet of meeting space, indoor pool and whirlpool, as well as a state-of-the-art fitness center. The hotel also offers guests easy access to popular destinations such as The Arboretum of South Barrington, the Sears Centre Arena and the Woodfield Mall.

Hilton Garden Inn Merrillville will be brought into White Lodging’s portfolio under the leadership of Regional Director of Operation Chris Majchrowicz, while the Hilton Garden Inn Hoffman Estates will enlist the help of Regional Vice President Mark Aftanski and General Manager Adam Miller.

Images courtesy of Hilton Hotels & Resorts



Chicago Apartments Sell Like Hot Cakes

6 Jul 2015, 1:35 pm

By Ioana Neamt, Associate Editor

A 354-unit apartment community in Cook County recently changed hands in a deal secured by Marcus & Millichap. An affiliate of Indiana-based Bayshore Properties paid $23 million for the property and assumed about $17 million of existing debt, according to Crain’s Chicago Business. The price tag equates to $65,000 per individual unit.

Riverwood Apartment Homes is a 41-year-old community located at 3649 173rd Court in Lansing, Ill. The asset is comprised of six mid-rise buildings each featuring 48 apartment units as well as three two-story buildings totaling 66 units. The community is strategically situated approximately 30 miles south of downtown Chicago and provides access to I-80, I-94 and I-294.

The multifamily community features amenities such as a clubhouse with a party room, outdoor pool with sun deck, fitness center, basketball court, on-site laundry and storage facilities. The average size of an apartment unit is 907 square feet, according to a news release.

“The property has received numerous capital improvements within the last seven years, and in the last nine years, 96 units have been renovated,” said Eric Bell, senior vice president of investments at Marcus & Millichap’s Chicago O’Hare office, who represented the seller – a unit of Waterton Associates – in the transaction. “With the renovated buildings showing stronger occupancy and higher average rents, the new owner is well positioned to continue the renovation program and further enhance value.”



NYC Investor Bets on Chicago Industrial

1 Jul 2015, 3:08 pm

By Ioana Neamt, Associate Editor

2500 S Damen Ave

2500 S Damen Ave

A Class A industrial property in southwestern Chicago recently changed owners.

With the help of an HFF team led by director Jordan Angel, managing director Patrick Sullivan and real estate analyst Ryan Chambers, San Mateo, Ca.-based Romel Enterprises LLC sold a 128,000-square-foot cold storage facility to another out-of-state investor. New York City-based AAG Management purchased the facility at 2500 S. Damen Ave. for $33 million, free and clear of debt.

The Class A industrial facility was completed in 2003 and is currently 100 percent occupied by Preferred Freezer Services of Chicago. The one-story asset features a 22,200-square-foot loading and unloading dock, 16 dock doors with seals and levelers, private QA laboratories for on-site sampling, as well as 24-hour security. Additionally, the facility is HACCP certified and incorporates U.S.D.A. and U.S.D.C. designated inspection areas.

The property on Damen Ave. offers easy access to rail and interstate systems, including the I-55, and is roughly 21 miles away from Chicago’s O’Hare International Airport.

According to HFF’s Jordan Angel, the transaction “represents a great asset fully occupied by a best-in-class freezer storage company.”

Image courtesy of Preferred Freezer Services

 



Chicago Developer Turns up the Luxury

30 Jun 2015, 3:49 pm

By Ioana Neamt, Associate Editor

No 9 Walton

No 9 Walton

A local developer is raising the bar for luxury living in Chicago.

Enlisting the help of HFF, JDL Development LLC  secured an equity raise and financing for the development of No. 9 Walton, an ultra-luxury high-rise in the Gold Coast neighborhood. According to a news release, the equity capital was provided by Beijing-based Cindat Capital Management Ltd., while iStar Financial Inc. is providing the project’s debt financing through a first mortgage and mezzanine construction loan.

The deal was arranged on behalf of JDL by an HFF team led by Executive Managing Director Matthew Lawton and Senior Managing Director Dan Cashdan. Due for completion in 2017, the 36-story No. 9 Walton will be erected at the intersection of W. Walton and N. State streets in the much sought-after Gold Coast neighborhood.

The upscale tower will offer residents easy access to a variety of retail, dining and entertainment destinations in the Gold Coast and Miracle Mile areas, and will incorporate amenities such as an indoor lap pool, private wine storage, a private dining room, covered dog run, and many more.

At the time of closing, 35 percent of the 67 luxury units were pre-sold. Crain’s Chicago Business reports that the price tag for the 4,000-square-foot residential units ranges from $1.9 million to $9 million, placing No. 9 Walton on the same page as the Waldorf Astoria or the Palmolive Building. One of the largest condominium projects in Chicago in the last few years, the $275 tower was designed by Hartshorne Plunkard Architects, according to Crain’s.

Image courtesy of Hartshorne Plunkard Architects



Four-Point Play for Berkadia

29 Jun 2015, 9:53 am

By Ioana Neamt, Associate Editor

Hobby Lobby Micro Center, Westmont, Ill.

Hobby Lobby Micro Center, Westmont, Ill.

It’s been a hard day’s night for Berkadia. The company has been putting in a lot of hours lately, closing on four separate transactions across three states.

According to a news release, three managing directors from Berkadia’s Chicago office teamed up with Associate Director Michael Slovitt on four transactions totaling $23.87 million. The properties are located in Oklahoma City, Denver and suburban Chicago.

Mellow Mushroom – a pizza restaurant franchise located in the Denver-Aurora metro area. Managing Director Laura Cathlina, together with Slovitt managed to provide $2.02 million in financing for Kapsia Properties I LLC to acquire the property. The brokers arranged a 10-year loan at a 4.5 percent interest rate.

Cottages at Hefner – a 256-unit multifamily property in Oklahoma City. Managing Director Aaron Abelson and Slovitt secured a 10-year CMBS refinancing loan of $12.8 million. The CMBS lender provided 100 percent of the cost for borrower The Cottages at Hefner Road LLC.

Fresenius Medical Care Highland Park – a dialysis treatment center in Highland Park, Ill. Slovitt and Abelson originated a $2.55 million loan to facilitate the acquisition of the property by Shepard-Warrenville I LLC and Shepard-Warrenville II LLC. Berkadia managed to secure a 20-year loan through a Life Insurance Co. correspondent.

Hobby Lobby & Micro Center – a two-tenant retail center located in Westmont, Ill. Slovitt and Managing Director Bob Toland secured a 10-year, $6.5 million loan for SCP Realty Fund II – Westmont LLC to acquire the asset. The loan features a 30-year amortization schedule that maximizes the client’s cash-on-cash return.

According to Michael Slovitt, each of the borrowers involved in the four transactions has been a long-time Berkadia client. “No matter the property type – in this case multifamily, medical and retail – deal size, or market, we’re able to provide our clients with custom solutions that fit their specific needs,” he added.

Image courtesy of Berkadia Commercial Mortgage LLC







One Response to Chicago Archive

  1. Joselyn Overley

    Sep. 26, 2011 at 12:58 pm

    I just think it’s too hard for small businesses to try to purchase a property, renting or leasing is their only real option

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