Edgewood Capital Advisors Provides $32.5M Loan For Chicago Hotel Acquisition
8535 W Higgins Rd, Chicago, IL, USA
$32,500,000
$53/SF
Building Size
610,000 SF
Asset Type
Hotel
Closing
Feb 21, 2021
About this deal
AI
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.
Players
Chicago Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.49%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93