News:
Brokerage
Posted: May 28, 2013
Mission Capital Advisors secures $44.4 million loan for Soho House in Chicago
Mission Capital Advisors, LLC has arranged a $44.4 million construction loan for the development of the Soho House.
Mission Capital obtained the loan on behalf of the sponsor, a joint venture between Shapack Development and AJ Capital Partners.
"Soho House is one of the leading private social clubs in the world," said Jordan Ray, managing director of Mission Capital's debt and equity finance team. "A club of Soho House's caliber will be a great addition to Chicago and the rapidly developing Fulton Market district of the West Loop."
The property is a six-story, 117,000 s/f industrial building constructed in 1908. Scheduled to open Summer 2014, Soho House Chicago will include 40 hotel rooms, a Cowshed Spa, gym, restaurant and bar, rooftop pool, and a screening room, as well as Chicken Shop and Pizza East restaurants. Founded in 1995, Soho House Group operates 11 Soho Houses, 14 freestanding restaurants, seven hotels, three freestanding cinemas and eight Cowshed spas, globally.
The joint venture purchased the property in February 2012 and subsequently signed a long-term lease with London-based Soho House Group.
Tags:
Brokerage
MORE FROM Brokerage
REALM, DelShah Capital and A.M. Properties acquire 377,000 s/f CitySpire office condominium
Manhattan, NY REALM, in partnership with DelShah Capital and A.M. Properties, acquired CitySpire, a 377,000 s/f office condominium comprising 24 floors within the 70-story tower at 156 W 56th St. in Midtown. Adjacent to Central Park with transit access and amenities, CitySpire is a Class A office asset located in one of the city’s most sought-after office corridors.
Quick Hits
Columns and Thought Leadership
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking