September 13, 2019
JLL arranged a $61-million refinancing for Hyatt House Fulton Market, a 200-key, newly-constructed hotel in the Fulton Market District. The loan retires the existing construction debt on the property, which opened its doors in June.
A JLL Capital Markets team of Timothy Joyce, Steven Klein and Nicole Aguiar worked on behalf of the borrower, a partnership between Sterling Bay and Wheelock Street Capital. The team placed the five-year, floating-rate loan with Argentic Real Estate Investments LLC.
Fulton Market’s only branded hotel and its only extended-stay property, the Hyatt House is also the first hotel to feature the brand’s newest design. The hotel is situated at 105 N. May St., near the McDonald’s global headquarters that was also developed by Sterling Bay.
“This is a truly unique asset within Fulton Market, with an unmatched competitive advantage throughout the greater Chicago market,” Aguiar said.
Photo credit: Mariusz Mizera
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