Cohen Financial, a division of SunTrust Bank and a national real estate capital services firm, announced that Dan Rosenberg, managing director, and Matt Terpstra, vice president in the Chicago office, closed $16.85 million with Prime Finance for the acquisition of the Ivy Boutique Hotel.
“This acquisition financing will allow the sponsor to implement a best-in-class capital plan which will further enhance this already great asset,” said Rosenberg.
The 55,000-square-foot, 16-story boutique hotel is located at 233 E. Ontario Street in Chicago’s Streeterville neighborhood, adjacent to the Magnificent Mile on Michigan Avenue. The hotel offers 63 luxurious guestrooms and a rooftop bar plus access to a host of attractions, including world class shopping, restaurants and entertainment.
Cohen Financial arranged a two-year, floating-rate loan to facilitate the acquisition and planned capital improvements. The sponsor is a joint venture between Avantgarde Capital, a California-based owner and operator, and Anderson Hospitality Holdings, an owner and operator based in New York. The loan closed on January 31st.
“Avantgarde Hospitality became aware of the Ivy Boutique Hotel opportunity and quickly realized that the asset was hiding in plain sight. Plans to increase visibility and immerse the hotel in the local community are a primary objective for the asset,” said Andre Koren, co-founder of Avantgarde Hospitality. “Cohen Financial was instrumental in sourcing the right capital partner for us that will allow us to implement our improvement plans.”