Months after it was retained as exclusive agent, Riverwoods, Ill.-based Podolsky Northstar CORFAC International has negotiated the sale of two mortgage notes that are secured by the property formerly known as the Purple Hotel in Lincolnwood, Ill. The value of the transaction was undisclosed.
North Capital Group, a holding entity for two local investment and management firms, acquired the notes from the seller, First Midwest Bank.
The property, known as “The Purple Hotel” thanks to its unique color, is located at the intersection of Touhy and Lincoln avenues in Lincolnwood, only one-half-mile east of the four-way interchange at Interstate-94 and Touhy. The high visibility, 5.28-acre site features 722 feet of frontage on Touhy and 603 feet on Lincoln.
Though the future plans for the site are not known, its location and visibility make it a possible location for a mixed-use redevelopment containing residential and retail components. These uses are consistent with the Village of Lincolnwood’s comprehensive plan.
In February of 2011, the Village established a Tax Incremental Financing (TIF) district to aid in a future redevelopment of the site.
Randy Podolsky, managing principal, and Adam Tarantur, senior vice president, both with Podolsky, completed the assignment for First Midwest Bank.
Designed by Chicago architects Hausner & Macsai, the Lincolnwood Hyatt House opened in 1960 and attracted performers such as Perry Como, Roberta Flack, Barry Manilow and well-known Chicago pianist Myles Greene. The property has subsequently been a Radisson and a Ramada, and became independently owned in 2004, officially adopting the name locals had been referring to it by for years, The Purple Hotel.
