Chicago & Midwest + Downtown + Hospitality | February 20, 2019

Cohen Financial Arranges Debt for Streeterville Hotel Deal

Cohen Financial has closed a $16.85 million loan with Prime Financial to finance the acquisition of the Ivy Hotel, a boutique property in Streeterville. The sponsor of the loan is a joint venture between Avantgarde Capital, a California-based owner and operator, and Anderson Hospitality Holdings, an owner and operator based in New York.

Dan Rosenberg and Matt Terpstra of Cohen Financial’s Chicago office arranged a two-year, floating rate loan to facilitate the acquisition and planned capital improvements. The 16-story hotel at 233 E. Ontario contains 63 keys.

“Avantgarde Hospitality became aware of the Ivy Boutique Hotel opportunity and quickly realized that the asset was hiding in plain sight,” said Avantgarde’s Andre Koren. Plans to increase visibility and immerse the hotel in the local community are a primary objective for the asset. Cohen Financial was instrumental in sourcing the right capital partner for us that will allow us to implement our improvement plans.”

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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. 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 15-20 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).