Acquisition Financing for an Illinois Hotel
CHICAGO--(BUSINESS WIRE)--April 20, 2006
GMAC Commercial Mortgage Corporation (GMACCM) has
provided $41,120,000 in floating-rate, interim, acquisition and
renovation financing for a Chicago hotel.
Affinia Chicago, located at 166 East Superior Street, is 28-story
property containing both 143 hotel rooms, a restaurant, a lounge and
commercial office space. With their acquisition, Denihan Hospitality
Group plans an extensive renovation that includes gutting the
commercial space to create 44 additional guestrooms. New furniture,
fixtures and equipment will be added in all guestrooms and guestroom
corridors, and upgrades will be made to the entrance, as well as all
public areas. Upon completion, the property will contain 207
guestrooms, a restaurant, lounge, approximately 5,000 square feet of
meeting space, a fitness center. The hotel will also feature the
signature Affinia items such as the Affinia Pillow Menu and Affinia
GMACCM's Hospitality Industry Division arranged and underwrote the
transaction, and 166 E. Superior, LLC received the funding.
According to GMACCM Vice President Angelo Stambules, of the
Hospitality Industry Division, "GMACCM provided prompt decision-making
in this transaction. The loan proceeds were used to acquire the
Fitzpatrick Hotel and fund the conversion and renovation of the
property to an Affinia hotel, which will be Affinia's first hotel
outside of Chicago."
GMAC Commercial Mortgage is a Capmark Financial Group Inc.
(Capmark) company. Formerly known as GMAC Commercial Holding Corp.,
Capmark is an industry leader in real estate finance, investments and
services. Capmark's real estate lending and origination platform has
access to multiple capital sources. The company is a direct lender, a
correspondent for life insurance companies and pension funds and one
of the leading approved lenders for FHA, Fannie Mae and Freddie Mac.
In 2005, Capmark's originations were $29.9 billion.
Capmark's funds and investment management platform is a highly
respected manager of equity real estate and mortgage-related
investments in the public and private markets with $10.8 billion in
investments under management and supervision.
With a portfolio of approximately $285 billion, Capmark is one of
the industry's leading loan servicers.
The diverse real estate finance, investments and services company
has more than 100 offices and operations in North America, Asia and
Europe. For more information, visit www.gmaccm.com.
Property photo available upon request.
GMAC Commercial Mortgage Corporation
Joyce Patterson, 215-328-3842
Courtney Robinson, 215-328-3381
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