Months after it was retained as exclusive agent, 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. 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, renowned enough to simply be referred to as “The Purple Hotel,” is situated at the intersection of Touhy and Lincoln avenues, only one-half mile east of the four-way interchange at I-94 (Edens Expressway) 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 an ideal 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 2011, the village established a tax increment financing district to aid in a future redevelopment of the site.
Randy Podolsky, SIOR, managing principal, and Adam Tarantur, senior vice president, both with Podolsky, completed the assignment for First Midwest Bank. They were selected for the assignment because of their previous experience in the disposition of foreclosure properties, as well as their local market knowledge.
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.
Stephen Alderman of Garfield & Merel Ltd. provided legal representation to the seller.