Holliday Fenoglio Fowler, L.P. (HFF) announced the $30.5 million refinancing for Kinzie Hotel, a 215-room boutique hotel in the heart of Chicago’s River North neighborhood. The HFF team worked on behalf of the borrowers, Bixby Bridge Capital and Urbana Holdings, to place the three-year, floating-rate loan with two 12-month extension options with Annaly Commercial Real Estate Group, Inc.
Constructed in 2003 as an Amalfi Hotel, the property was renovated and transformed in 2014 into the Kinzie Hotel. The hotel, which occupies the first six floors of a 385,000-square-foot, Class A office building, has its own lobby entrance and elevators on the first floor in addition to featuring the Double Cross Lounge, 24-hour fitness center and 2,300 square feet of meeting space.
Kinzie Hotel is at 20 W.Kinzie Street in the heart of River North, which is a prominent business hub containing over 13.6 million square feet of office space, and steps from Michigan Avenue, positioning the hotel among upscale retailers, restaurants and offices. Additionally, the hotel is two blocks from the Magnificent Mile’s luxury boutiques, department stores and multi-story mega malls.
The HFF debt placement team representing the borrower consisted of managing director Danny Kaufman, senior director Jeff Bucaro and associate Nicole Aguiar. Loan proceeds were used to refinance the existing mortgage in conjunction with installing Urbana Varro as the new hotel management company.
