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Radisson Blu Aqua Lands $64M In Refinancing

Chicago Hotel
Radisson Blu Aqua, Chicago

It is still a favorable market for refinancing well-sponsored downtown real estate assets and one of the most visible in Lakeshore East has some new debt. Magellan Development and Al Rayyan Tourism Investment Co. secured $64M in refinancing on the Radisson Blu Aqua hotel, inside the Jeanne Gang-designed Aqua Tower.

HFF's Danny Kaufman, Jeff Bucaro and Nicole Aguiar placed the 10-year, fixed-rate loan with JP Morgan Chase. The proceeds from the loan will be used to pay down the first mortgage on the property.

Magellan delivered the 82-story, mixed-use Aqua Tower in 2011. Al Rayyan Tourism Investment, founded by Qatari Sheikh Faisal bin Qassim Al Thani, bought a stake in the building a year later.