Locally-based American Street Capital has arranged a $10.7-million loan for the 63-key Ivy Boutique Hotel on Chicago’s Magnificent Mile. ASC president Igor Zhizhin arranged the loan, placing it with a correspondent debt fund.
The loan’s sponsor required a fast close with a large cash-out to negotiate and consolidate debt associated with the property and other assets. Also required was an initial interest reserve to meet the borrower’s strategy of repositioning the asset with a new management company. ASC turned around a loan with a 12-month interest-only structure in less than three weeks.
Opened in 2012, the Ivy is an adaptive re-use of a mid-rise downtown office property at 233 E. Ontario St. It reportedly offers the largest average room size in the Chicago market.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.