CHICAGO—Sonnenblick-Eichner Company has just arranged a $265 million loan for the 610-room JW Marriott Chicago, located downtown at 151 W. Adams St. The hotel was opened in late 2010 by a group headed by Chicago developer Michael Reschke and is part of a 1.1-million-square-foot mixed-use building that occupies a full city block. Officials from the Beverly Hills, CA-based real estate investment banking firm say the non-recourse, LIBOR-based floating rate loan came from a Wall Street investment bank. Commercial Real Estate Direct reports the bank was Goldman Sachs.
“The capital markets remain tremendously liquid for quality real estate transactions, as indicated by the interest we received from multiple lenders who had the desire to make this large single asset loan,” says David Sonnenblick, a principal of Sonnenblick-Eichner.
“We were successful in finding a lender who had the ability to fund the entire loan so there was no syndication risk to our client,” adds Elliot Eichner, also a principal of Sonnenblick-Eichner.
The hotel occupies the lower floors of a building designed by Daniel Burnham and originally completed in 1914. It has been designated as a historic landmark and was added to the National Register of Historic Places. It is only luxury hotel operated by Marriott International in the Chicago metro area, and is adjacent to the Federal Reserve Bank of Chicago and just one block from the Chicago Board of Trade.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
