Office to Hotel Conversion in Chicago
Investment Info:
Office Space other investment.
Purchase price: $3,000,000
Cash invested: $67,000,000
Sale price: $87,500,000
We are purchasing a Distressed Office Building that is in Special Servicing (foreclosure) to convert to a Hotel.
What made you interested in investing in this type of deal?
We Specialize in Conversions and Ground up Builds with fully Prefabricated Off Site Construction
How did you find this deal and how did you negotiate it?
Through our local Ground team of Commercial Brokers and Architects.
How did you finance this deal?
Hard funds, PACE Fundings, and a mix of Private and Bank.
How did you add value to the deal?
Fully converting an unused office building into a Hotel
What was the outcome?
Still in Progress
Lessons learned? Challenges?
Have very good partners and find the best Architects and Engineers.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Absolutely, we have a top Office Broker working with us to find and secure B class office assets.
