September 12, 2019 – JLL announces that it has 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 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, which includes an indoor rooftop pool with an outdoor patio, state-of-the-art fitness center, 1,570 square feet of meeting space, 5,100 square feet of retail space, breakfast dining area, H Bar, lobby workstation and H Market. The hotel is situated at 105 N. May Street in the Fulton Market District, which was formerly the city’s meatpacking district and an area that has evolved into a dynamic, mixed-use area within the West Loop. The hotel is adjacent to the newly constructed 574,000-square-foot global headquarters for the world’s most renowned fast food company, which was also developed by the borrower.
The JLL Capital Markets team representing the borrower was led by Managing Directors Timothy Joyce and Steven Klein and Director Nicole Aguiar.
“This is a truly unique asset within Fulton Market with an unmatched competitive advantage throughout the greater Chicago market,” Aguiar said.