CHICAGO, Illinois—JLL Capital Markets introduced that it has secured the refinancing for a dual-brand lodge portfolio in Chicago’s River North district. The gathering contains the 270-key Residence Inn River North and the 253-key SpringHill Suites River North, each Marriott-affiliated properties totaling 523 keys.
JLL labored on behalf of the borrower, a three way partnership between Friedman Properties and White Lodging, to safe a fixed-rate, five-year mortgage by means of PGIM Actual Property’s core lending enterprise.
The properties occupy a strategic location in River North, which accommodates the very best focus of eating places and leisure venues in Chicago. The motels sit inside one mile of almost 28 million sq. toes of Class A workplace area and are positioned blocks from Michigan Avenue’s purchasing hall, Navy Pier, Chicago’s Theatre District, and the $100 million Riverwalk improvement alongside the Chicago River.
Property Particulars
Each motels just lately accomplished a renovation of all guestrooms in April 2025, with public area and assembly room renovations scheduled for completion in February 2026. The property consists of 1,358 sq. toes of assembly area, a health middle, and a number of meals and beverage retailers, together with two new restaurant ideas by Lettuce Entertain You—Gus’s Sip & Dip and Crying Tiger—that opened on the bottom flooring.
The Residence Inn presents 270 suites throughout 4 configurations, every outfitted with full kitchens, separate dwelling areas, and complimentary breakfast service. The SpringHill Suites gives 253 suites with kitchenettes and trendy facilities.
The JLL Debt Advisory group was led by Senior Managing Director Danny Kaufman, Managing Director Jeffrey Bucaro, and Analyst Malia Buljat.
“Chicago’s lodging market fundamentals proceed to strengthen, pushed by town’s diversified economic system and rising tourism base,” stated Kaufman. “This property advantages from River North’s transformation into town’s cultural and leisure epicenter, whereas the latest renovation ensures it may possibly compete on the prime of its market phase. The mixture of superior sponsorship, prime location, and recent product created a compelling story for lenders.”
“PGIM is happy to finance a well-positioned, newly renovated lodge with best-in-class sponsorship within the dynamic Chicago lodging market,” stated Jeff Goodman, government director, originations at PGIM. “We admire the chance to strengthen our relationship with the Friedman and White organizations and collaborate with JLL to carry this mortgage to fruition.”
