Mission Capital Advisors, a leading national real estate capital markets solutions firm, announced that its Debt & Equity Finance Group arranged a $20.5 million first mortgage facility for the aLoft O’Hare, a 251-key hotel in the Chicago O’Hare Airport submarket of Rosemont, Illinois.
Mission Capital’s Jordan Ray, Stephen Emery, Ari Hirt and Steven Buchwald represented Continental Properties Company in arranging the financing with Natixis.
“This is the second time we represented Continental Properties in the financing of the aLoft O’Hare, with this loan replacing a previous $16.5 million financing for the hotel in 2012,” said Ray. “They selected Mission again as they were seeking to capitalize on the current window of opportunity to refinance at historically low rates and the continued improvement in the regional hospitality market.”
“We received tremendous interest from lenders who were impressed with the strength of the sponsor and the quality of the Starwood-flagged hotel, which is one of the premier hotels in the Chicago O’Hare submarket,” said Hirt. “We leveraged our local market knowledge and lender relationships to secure a very low fixed interest rate and several years of interest only.”
The aLoft O’Hare is a six-story, 126,292-square-foot property ideally located five minutes from O’Hare’s terminals and 15 miles northwest of downtown Chicago. O’Hare is ranked as the fifth-busiest airport in the world and the second-busiest in the United States.
The hotel is in close proximity to major commercial centers, including the 840,000-square-foot Donald E. Stephens Convention Center, the 530,000-square-foot Fashion Outlets of Chicago outlet mall and the 200,000-square-foot MB Financial Park entertainment district. The aLoft O’Hare is easily accessible by all major transportation routes, including I-294 and I-90, as well as the CTA blue line and the Metra and Pace buses.
Mission Capital has been extremely active this year assisting clients with opportunities in the Midwest, Recent deals completed by the firm include $12 million of financing for retail shopping centers in Steubenville andCuyahoga Falls, Ohio; a $31.4 million financing arranged last month for a multifamily project in Indianapolis; and financing for retail shopping centers in Troy and Farmington Hills, Michigan earlier this year.