The Hiltons At McCormick Place Secures $92M Refi: The Chicago Deal Sheet
McHugh Enterprises and First Investors LLC arranged a $92M refinancing agreement for the Hiltons at McCormick Place.
Walker & Dunlop arranged the floating-rate, interest-only loan from Access Point Financial for the 23-story, 466-room hotel.
The Hiltons at McCormick Place is connected to Chicago's McCormick Place Convention Center, which welcomes 3 million visitors annually.
The loan is $20M less than the mortgage McHugh Enterprises and First Investors received for the property in 2019, according to a report from The Real Deal.
Walker & Dunlop's Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Jordan Casella and Cole Grims arranged the loan, while the company's Jay Morrow and Carter Gradwell advised throughout the process.
PEOPLE
Colliers appointed Josh McGee as vice chair. In his new role, McGee will focus on advising corporate clients on sale-leaseback and disposition strategies to support portfolio optimization. McGee comes to the firm with over 25 years of advising experience, most recently at Cushman & Wakefield.
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Essex Three-Twelve hired Niko Apostal as managing broker. Apostal is the former founder and principal broker of Niko Collaborative and co-founder of Keller Williams ONEChicago. He will oversee operations, implement strategic initiatives and work closely with the leadership team to execute growth plans.
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National law firm Dinsmore & Shohl LLP added Patrick Clancy to its Chicago office as a partner. He comes to the company with over a decade of experience advising clients on real estate transactions, commercial contracts and corporate governance.
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Ware Malcomb added Stanley Schultz to its team as director of its data centers portfolio. Schultz will serve as a firmwide resource for data center pursuits and project execution. He brings 22 years of experience in architecture, industrial design and manufacturing across a variety of project types and has specialized in hyperscale data center projects.
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Redmond, a general contractor headquartered in Chicago, hired Tim Rogers as vice president.
SALES
Edgemark purchased Hillside Town Center, a 160K SF open-air retail center at 30 S. Mannheim Road in Hillside, from Hutensky Capital Partners. The price of the sale was not disclosed.
The center is 99% occupied across six buildings and is anchored by a Target. JLL's Michael Nieder and Brian Page represented the seller.
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Stocking Urban paid $15.5M for a mixed-use property including 22 multifamily units and five commercial suites at 1542 N. Damen Ave. and 2010 W. Pierce Ave. in Wicker Park. Marcus & Millichap's Kyle Stengle marketed the property on behalf of the seller and procured the buyer.
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HP Ventures Group sold two multifamily properties for a combined $6.7M. The 24-unit apartment building at 4954 N. Christiana Ave. in Albany Park sold for $4.5M to Eloy Burciaga, and the 10-unit building at 4321-4323 N. Tripp Ave. in the Old Irving Park neighborhood sold for $2.2M to John Krumsee. Interra Realty managing partner Craig Martin represented the seller and the buyers.
