St. Regis Chicago Hotel Owners Land $125M Refi: The Chicago Deal Sheet
Gencom and GD Holdings landed a $125M refinancing for the 192-key The St. Regis Chicago, a luxury hotel in the East Loop.
The joint venture arranged the financing with Banco Inbursa. The new loan replaces $76M in original acquisition financing provided by Varde Partners in 2023 and enables the owners to pull out about $49M in equity, The Real Deal reported.
Karim Alibhai, founder and principal of Gencom, said in a statement the refinancing reflects the property's strong financial performance and market positioning since its acquisition three years ago.
“As the first luxury hotel to open in downtown in over a decade, the property has resonated with both business and leisure travelers, as well as the local community, reinforcing our conviction in the Chicago market’s long-term fundamentals," Alibhai said.
PEOPLE
Transwestern added Alissa Adler and John Homsher as managing directors in its Chicago office. The pair joins a Midwest team spanning key markets including Chicago, Minneapolis, St. Louis, Detroit and Milwaukee. Adler and Homsher join from Colliers, where they were part of the office capital markets team advising clients on investment sales and broader real estate strategies.
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Cushman & Wakefield added Ralph DePasquale as managing director and Liam Waters as financial analyst to its Chicago multifamily investment sales team. The pair comes to Cushman & Wakefield from Berkadia. DePasquale has over 37 years of CRE experience with a focus on multifamily investment sales across the Midwest.
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Greenstone Partners added Aaron Ramirez as an investment associate and Ilma Seperovic as a senior marketing manager. Ramirez will focus on the acquisition and disposition of urban retail and mixed-use properties on the North and Northwest sides. Seperovic leads the firm’s content marketing strategy and brand positioning across digital platforms, public relations and marketing initiatives.
SALES
A private investor purchased 440-448 N. State St., an 18K SF mixed-use property in River North. The site was built in 1894 and includes 11 residential units and three retail spaces. Marcus & Millichap’s Ryan Engle, Kyle Stengle and Andrean Angelov represented both parties in the deal.
CONSTRUCTION AND DEVELOPMENT
Brennan Investment Group broke ground on a 140K SF processing facility for Tovala in Winfield. The facility will support Tovala's expanding food manufacturing operations. Construction is underway, with completion expected in 2027.
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McHugh Construction, Powers & Sons Construction and The Community Builders broke ground on Southbridge 1C, the latest phase in the redevelopment of the former Harold Ickes Homes at 2305 S. State St. in the South Loop. Southbridge 1C will be a 12-story, $36.5M mixed-income residential building adjacent to transit, schools and parks. The 76K development will include 80 apartments and ground-floor retail space.
FINANCING
Walker & Dunlop closed nearly $60M in construction take-out financing for Optima Verdana, a luxury mixed-use community in Wilmette. Optima Verdana is a 100-unit apartment building with ground-floor retail and received fixed-rate, interest-only financing from Freddie Mac. Walker & Dunlop's Dave Hendrickson, Pat Modig, Jonathan Paine, Mo Beler, Will Crittenberger and Philippe LaPointe originated the loan.
