Chinese investors take stake in Soho House

Sino-Ocean Land and Huarong come into property at 113 N. Green St.

Chicago /
Apr.April 20, 2018 02:00 PM

(Credit: SohoHouseChicago.com)

A group of Chinese investors bought into Soho House in Fulton Market for $95 million.

Gaw Capital brought Beijing-based Sino-Ocean Land and Hong Kong-based Huarong International Finance into a deal for the swanky hotel and private club at 113 North Green Street, according to data from Real Capital Analytics. The investors financed the deal with a $22.7 million loan from Natixis and a $40 million commercial mortgage-backed securities loan.

Hong Kong-based Gaw was part of the joint venture with Shapack Partners and AJ Capital that bought the building in 2012 for $6.5 million from Chicago-Allis Manufacturing Corporation. They landed Soho House as a tenant, and the private club opened at the property in 2014. The owners refinanced the property in 2013 and 2015.

JLL was tapped to sell the building in 2016, with sources telling Crain’s at the time that it could fetch up to $125 million.

Shapack CEO Jeff Shapack declined comment on the deal. Representatives for Gaw, Sino-Land and Huarong could not immediately be reached for comment.

Soho House, which has a lease through 2034, was the first major project in the now-booming Fulton Market neighborhood, the former meatpacking district that’s now home to trendy bars, restaurants and Google’s Midwest headquarters. McDonald’s is set to move its headquarters down the street from Google from Oak Brook this spring.

Meanwhile, Soho House has been mulling a $2 billion initial public offering, Bloomberg reported in February. The company has approximately 18 outlets across the globe.


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