Chicago & Midwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Chicago & Midwest  + Greater Chicagoland  + Illinois  + Hospitality  | 
Northbrook Marriott Recapitalizes with $6M C-PACE Loan

Northbrook Marriott Recapitalizes with $6M C-PACE Loan

PACE Loan Group’s SVP Matthew McCormack arranged a $6.2 million PACE loan that was part of the $32.8 million refinancing of the Northbrook Marriott in Northbrook, Illinois.

The C-PACE loan was a retroactive payback for improvements completed from 2019 to 2022. The PACE funding entity is managed by the city of Northbrook under the Illinois Finance Authority PACE Program. PACE Loan Group handled underwriting, and origination, and will service the loan.

Those improvements range from roofing and insulation, weatherization, HVAC, and plumbing and are expected to save $1 million in annual operating expenses. Now flagged as a Renaissance brand, the Northbrook Marriott has 391 hotel rooms.

“C-PACE continues to be a great solution to provide liquidity in today’s challenging market. By taking advantage of the lookback period, we were able to increase the borrower’s returns by blending down the cost of capital,” said McCormack.

PACE Loan Group’s Matthew McCormack will be one of the expert panelists at Connect Investment & Finance 2023 on Oct. 24 at the Hyatt Regency O’Hare in Rosemont, ILFor up-to-the-minute insights on the state of the market and what’s next in the current cycle, be sure to attend. Click here to register.

Connect

Inside The Story

PACE Loan Group

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.