FINANCEDHotel
Suraj Desai's Black Bear Capital Partners Secures $17M Refinance Loan For Inn Of Chicago Hotel
162 E. Ohio Street chi
$17,000,000
Building Size
—
Asset Type
Hotel
Closing
Sep 2, 2022
AI
The Inn of Chicago Hotel, located on Magnificent Mile in Chicago, IL, has secured a $17,000,000 refinance loan. The hotel spans 359-keys and is situated on 162 E. Ohio Street. This 3-year floating rate loan offers full-term interest-only payments.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $17,000,000
- Address: 162 E. Ohio Street, Chicago, IL
- Loan Type: Refinance
- Loan Terms: 3-year floating rate loan with full-term interest-only payments
Suraj Desai from Black Bear Capital Partners represented the property owner in securing the loan.
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
0.93%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93