Edgewood Capital Advisors Provides $32.5M Loan For Chicago Hotel Acquisition
FINANCED
$32,500,000
Illinois
See Similar DealsHotel610,000 SF
Financed 02/22/2021
FINANCED
Edgewood Capital Advisors Provides $32.5M Loan For Chicago Hotel Acquisition
8535 W Higgins Rd, Chicago, IL, USA
See Similar DealsHotel610,000 SF
Financed 02/22/2021
Summary
ILLINOIS
Asset Type:Hotel
Price Per Square Foot:$53
Total Square Footage:610,000 SF
Transaction Type:Loan
An hotel located at 8535 W Higgins Rd in Chicago was involved in a recent transaction. The transaction took place on 02/22/2021 and the property was acquired for a loan amount of $32,500,000. The hotel consists of 470 rooms and is situated in the Chicago market.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $32,500,000
- Date: 02/22/2021
- Address: 8535 W Higgins Rd
- Market: Chicago
- Rooms: 470
The lender involved in this transaction is Edgewood Capital Advisors, represented by Thomas McDevitt. Thomas McDevitt played a crucial role as the representative of Edgewood Capital Advisors in the deal.
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Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$32,500,000.00
Monthly NOI$216,666.67
Monthly Debt Service$205,422.11
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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