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Sterling Bay is refinancing the construction loan the firm took out to build the Ace Hotel Chicago. LoanCore Capital and Ohana Real Estate Investors are providing a $44M refinancing package, according to Cook County records.
The loan replaces a $41.5M loan from Bank of America issued to Sterling Bay in February 2016 to build the hotel. The total cost to develop the hotel is unknown. Sterling Bay retained HFF in December 2016 to market the property for a sale; no deal has been announced.
HFF's Timothy Joyce, Tony Malk, Jeff Bucaro and Nicole Aguiar helped Sterling Bay secure the financing. The Ace Hotel Chicago is one of several hotel projects in Fulton Market. Shapack Partners secured a construction permit for the Hoxton Hotel Chicago last month. IBT Group's 1.2M SF redevelopment of a block at 1200 West Fulton Market includes a hotel. Sterling Bay is planning a 19-story hotel near McDonald's new headquarters.
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