Aries Conlon Capital Secures $20 Million CMBS Bridge Loan for Refinance/Reflag of Evanston, IL HotelFebruary 22, 2017
Conlon Capital has arranged a $20 million, CMBS bridge loan on behalf of SB Yen Management Group Inc. to refinance and reflag the borrower’s Evanston Best Western hotel to a Holiday Inn.
Formerly the University Plaza Hotel, the 259-key Holiday Inn Chicago North Evanston is located at 1501 Sherman Avenue in Evanston, Illinois. The North Shore hotel is just four blocks from Lake Michigan and the Northwestern University campus, and is close to shopping, museums, theaters and restaurants. The loan was structured by Neil Freeman, a principal of newly-formed mortgage banking firm Conlon Capital, and Chairman and CEO of predecessor, Aries Capital, LLC.
“The Yens completed a $10 million renovation including all rooms, banquet space, the building exterior, lobby and hallways to create a beautiful hotel. The property should be very competitive with other first-class North Shore properties for transient guests, as well as weddings and corporate events,” said Freeman. “Even though the hotel had closed for renovations for six months, we successfully secured the loan at an attractive rate and terms. The strength of the borrower, property and market were essential in this success.”
This is the 11th loan Freeman has arranged or directly funded for the borrowers. Hinsdale-based SB Yen Management owns and operates several other successful hotels in Chicago and its surrounding suburbs, including the Whitehall Hotel Chicago and the Best Western Grant Park.
Contact Neil Freeman at 312-640-7420.