Triple-branded Hilton at McCormick Place lands fat refi

$112M in debt was provided by CrossHarbor Capital Partners

Chicago /
Dec.December 17, 2019 03:00 PM
Hilton at McCormick Place and First Hospitality President David Duncan (Credit: Hilton)

Hilton at McCormick Place and First Hospitality President David Duncan (Credit: Hilton)

The triple-branded Hilton at McCormick Place secured a $112 million loan for the 466-key property hotel in the South Loop, The Real Deal has learned.

McHugh Construction and First Hospitality are listed on the loan as the borrowers. The debt was provided by CrossHarbor Capital Partners.

The property at 123 E. Cermak Road has three hotels in one: a 184-room Hilton Garden Inn, a 187-room Hampton Inn and a 95-room Home2 Suites.

McHugh and First Hospitality landed a $78 million construction loan from CIBC — then called Private Bank — to build the property in early 2017. Construction was completed in August 2018.

McHugh Construction and First Hospitality did not respond to requests for comment.

Last month, Phoenix Development Partners secured a $91 million construction loan for a planned Hilton project across from Willis Tower. That property will rise 14 stories and have 349 rooms.


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