June 16, 2017
Chicago-based AJ Capital secured $80 million through Deutsche Bank to refinance the Chicago Athletic Association hotel, at 12 S. Michigan Ave., adjacent to Millennium Park . The loan will retire a $61-million construction loan from the 2015 redevelopment of the 241-room boutique hotel.
The landmark building was built in 1893, and was a private men’s athletic club that closed in 2007. The renovated hotel now includes a ground-floor Shake Shack restaurant and on the second floor Cindy’s Rooftop restaurant and bar overlooking Millennium Park, the Game Room bar and Cherry Circle Room restaurant.
The property’s JV partners also include San Francisco-based Geolo Capital and Chicago-based Agman Partners. AJ Capital’s growing Chicago-area portfolio includes the 40-room Soho House hotel and club, and the 247-room Thompson Chicago hotel. In 2016, AJ Capital and Walton Street Capital sold the 184-room Hotel Lincoln.
For comments, questions or concerns, please contact Dennis Kaiser