HFF announces financing totaling $64 Million for Ace Hotel Chicago

Ace Hotel Chicago, 311 North Morgan Street, Chicago, IL

CHICAGO, IL – – Holliday Fenoglio Fowler, L.P. (HFF) announces financing totaling $64 million for Ace Hotel Chicago, a 159-key, recently opened, award-winning, Ace-branded hotel in Chicago’s Fulton Market district.

Timothy Joyce

The HFF team worked on behalf of the developer, Sterling Bay, to secure financing through LoanCore Capital and Ohana Real Estate Investors.  Loan proceeds will be used to refinance the construction financing.

Ace Hotel Chicago is located at 311 North Morgan Street across the street from Google’s new Midwest headquarters and three blocks from the future McDonald’s world headquarters in the burgeoning Fulton Market district in Chicago’s West Loop.

The seven-story boutique hotel, which opened in 2017, features a lobby restaurant and bar with an outdoor terrace, rooftop bar, private dining area with skylights, nearly 4,000 square feet of retail space, state-of-the-art fitness center, green roofs and terraces.

Jeff Bucaro

  Guests also benefit from walking-distance access to the neighborhood’s art galleries and critically acclaimed restaurants, as well as mass transit via the Morgan & Lake CTA station (Pink and Green lines) one block south of the hotel. 

HFF’s debt placement team included managing directors Timothy Joyce and Tony Malk, senior director Jeff Bucaro and associate Nicole Aguiar.

Sterling Bay is a Chicago-based developer, investor, builder and innovator of real estate.  The firm currently owns a portfolio of more than seven million square feet and actively invests in opportunistic and value-added real estate.  http://www.sterlingbay.com/

For more information, please contact:

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com