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Chicago & Midwest  + Downtown  + Hospitality  | 

Boutique Hotel on Mag Mile Lands $10.7M Financing

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.


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Inside The Story

Read more at ASCConnect With ASC's Zhizhin

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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