Neil Freeman Of Conlon Capital Structures $20M Loan For Evanston Hotel Refinance

The 259-key Evanston Best Western Hotel located at 1501 Sherman Ave in Evanston, IL, 60201 has recently undergone a $10 million renovation. Conlon Capital structured a $20 million CMBS bridge loan for the property on behalf of SB Yen Management Group, allowing for a rebranding to the Holiday Inn Chicago North Evanston. The owners, Su-Mei Yen and Hui-Hsien Bert Yen, are hoteliers known for their recent expansion projects.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $20,000,000.00
• Market: Evanston
• Borrower's Rep: Neil Freeman
• Lender: FCA

Su-Mei Yen and Hui-Hsien Bert Yen, the hoteliers behind the Evanston Best Western Hotel rebranding deal, have been actively involved in the hospitality industry. In addition to this project, they received a $36 million loan for the Whitehall Hotel expansion in November 2015, and are in the process of developing a 281-key dual-branded hotel at 1101 South Wabash.