CBRE Capital Markets has arranged a $32.9 million loan on behalf of Phoenix Development Partners for the acquisition and renovation of the 301-room Hyatt Regency Deerfield. The property, situated at the convergence of I-94 and I-294, is extremely well-located to serve north suburban Chicago, home to a high concentration of major corporations, including eight Fortune 500 companies.
“We are excited to acquire this amazing asset and add it to our growing portfolio of properties,” John Mangel, CEO of Phoenix Development Partners, said. “We are pleased to have the opportunity to work with both Hyatt and Aimbridge.” Phoenix plans to reposition the asset as the premier corporate and leisure option in the market.
Bill Howe of CBRE’s Chicago office and Jonathan Rice of CBRE’s Atlanta office secured the floating rate financing with a debt fund lender. “We found numerous lenders interested in providing the financing for Phoenix, a reflection of the strength of the location, brand and Phoenix’s redevelopment strategy for the property,” said Howe.