JLL Arranges $61M Refinancing for New Hotel in Chicago’s Fulton Market
CHICAGO — JLL has arranged a $61 million loan for the refinancing of Hyatt House Fulton Market, a new 200-room hotel in Chicago’s Fulton Market District. Timothy Joyce, Steven Klein and Nicole Aguiar of JLL arranged the five-year, floating-rate loan on behalf of the borrower, a partnership between Sterling Bay and Wheelock Street Capital. Argentic Real Estate Investments LLC provided the loan, proceeds of which will be used to retire a construction loan. The hotel is the only extended-stay product in the market, according to JLL. The new design features an indoor rooftop pool, outdoor patio, fitness center, 1,570 square feet of meeting space, 5,100 square feet of retail space, breakfast dining area, bar and market.