Walker & Dunlop Arranges $92 Million Refinance For Hotel At McCormick Place In Chicago

The asset involved in the transaction is a hotel located at 2301 South Martin Luther King Drive in Chicago, consisting of 466 keys. The refinancing involved a loan amount of $92 million, structured as a floating-rate, interest-only loan.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $92,000,000
• Market: Chicago
• Lender: Access Point Financial
• Landlord: Patricia McHugh - McHugh Enterprises; First Investors LLC
• Brokers: Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Jordan Casella, Cole Grims, Carter Gradwell & Jay Morrow - Walker & Dunlop
• Loan Type: Refinance
• Loan Terms: floating-rate, interest-only
• Keys: 466

Walker & Dunlop arranged the refinancing for the hotel on behalf of McHugh Enterprises Inc. and First Investors LLC, with the firm’s New York Capital Markets team and Hospitality division jointly advising the borrowers in this transaction.