Mission Capital Advisors announced that its Debt & Equity Finance Group arranged a $20.5 million first mortgage facility for the aLoft O’Hare, a 251-key hotel in the Chicago O’Hare Airport submarket of Rosemont, Illinois.
Media Contact: Christa Segalini Beckerman
FOR IMMEDIATE RELEASE
Mission Capital Advisors Arranges Fifth Midwest Financing in Two Months with
$20.5 Million Refinancing for aLoft O’Hare in Chicago
Mission Capital Continues Strong Activity in Midwest with Financing of
Premier Hotel in Chicago Submarket
Chicago, IL (November 13, 2014) — Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Debt & Equity Finance Group arranged a $20.5 million first mortgage facility for the aLoft O’Hare, a 251-key hotel in the Chicago O’Hare Airport submarket of Rosemont, Illinois.
Mission Capital’s Jordan Ray, Stephen Emery, Ari Hirt and Steven Buchwald represented Continental
Properties Company in arranging the financing with Natixis.
“This is the second time we represented Continental Properties in the financing of the aLoft O’Hare, with this loan replacing a previous $16.5 million financing for the hotel in 2012,” said Ray. “They selected Mission again as they were seeking to capitalize on the current window of opportunity to refinance at historically low rates and the continued improvement in the regional hospitality market.”
“We received tremendous interest from lenders who were impressed with the strength of the sponsor and the quality of the Starwood-flagged hotel, which is one of the premier hotels in the Chicago O’Hare submarket,” said Hirt. “We leveraged our local market knowledge and lender relationships to secure a very low fixed interest rate and several years of interest only.”
The aLoft O’Hare is a six-story, 126,292-square-foot property ideally located five minutes from O’Hare’s terminals and 15 miles northwest of downtown Chicago. O’Hare is ranked as the fifth-busiest airport in the world and the second-busiest in the United States.
The hotel is in close proximity to major commercial centers, including the 840,000-square-foot Donald E. Stephens Convention Center, the 530,000-square-foot Fashion Outlets of Chicago outlet mall and the
200,000-square-foot MB Financial Park entertainment district. The aLoft O’Hare is easily accessible by all major transportation routes, including I-294 and I-90, as well as the CTA blue line and the Metra and Pace buses.
Mission Capital has been extremely active this year assisting clients with opportunities in the Midwest, Recent deals completed by the firm include $12 million of financing for retail shopping centers in Steubenville and Cuyahoga Falls, Ohio; a $31.4 million financing arranged last month for a multifamily project in Indianapolis; and financing for retail shopping centers in Troy and Farmington Hills, Michigan earlier this year.
About Mission Capital Advisors
Founded in 2002, Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm with offices in New York City, Florida, Texas, California and Mobile, Alabama. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across commercial and residential loan sales; debt, mezzanine and JV equity placement; and loan portfolio valuation. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $45 billion of loan sale and financing transactions, as well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly to provide unmatched loan portfolio valuation services for both commercial and residential assets. Mission Capital’s seasoned team of industry-leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information, visit www.missioncap.com.