Dealmaker: HFF Secures $77M for Hotel, Office Assets
Holliday Fenoglio Fowler, Houston, arranged $76.7 million for hotel and office assets in Illinois and New York.
In Chicago suburb Schaumburg, Ill., HFF Senior Director Jeff Bucaro, Associate Nicole Aguiar, Managing Director Tony Malk and Directors Matt Enright and Bryan Rosenberg secured a $38.7 million loan for 398-room hotel Chicago Marriott Schaumburg.
Arbor Lodging Partners, Chicago, received the three-year floating-rate loan with a one-year extension from Ladder Capital, New York. Arbor plans significant upgrades to the property including a full renovation of the lobby, meeting space, common areas and guest rooms.
“The potential and upside of the Chicago Marriott Schaumburg was evident,” said Arbor Lodging Partners CEO Vamsi Bonthala.
Located at 50 North Martingale Road, the 13-story Chicago Marriott Schaumburg includes 183 double, 211 king guestrooms and four suites. The property sits within the Woodfield Corporate Center complex, which contains more than three million square feet of Class A office space. Completed in 1983 and last renovated in 2007, the hotel includes 21 meeting and event rooms totaling 18,500 square feet.
Bucaro said Arbor has a track record of renovating, repositioning and managing hotel assets.
HFF also secured $38 million for 420 Carroll Street in Brooklyn, N.Y. Working for The Domain Cos., New York, Managing Director Christopher Peck, Senior Director Peter Rotchford and Associate Scott Findlay arranged a $25 million floating-rate bank loan and a $13 million mezzanine loan through Sherwood Equities, New York.
The 1.5-acre site adjacent to the Gowanus Canal less than a half mile from the Union Street and Carroll Street subway stations is expected to house a future mixed-income mixed-use development project.
Peck said Sherwood Equities’ lending platform matched the project given the firm’s appetite for pre-construction New York land loans and comfort with the property’s rezoning.