Press Release

CBRE Arranges $33 Million in Acquisition Financing for Hyatt Regency Deerfield

02 5月 2018

CHICAGO – May 2, 2018 – CBRE Capital Markets is pleased to announce that it has arranged a $32.9 million loan on behalf of Phoenix Development Partners for the acquisition and renovation of the 301-room Hyatt Regency Deerfield.
 
The property, situated at the convergence of I-94 and I-294, is extremely well-located to serve north suburban Chicago, home to a high concentration of major corporations, including eight Fortune 500 companies.
 
John Mangel, CEO of Phoenix Development Partners said, “We are excited to acquire this amazing asset and add it to our growing portfolio of properties. We are pleased to have the opportunity to work with both Hyatt and Aimbridge.”
 
Bill Howe of CBRE’s Chicago office and Jonathan Rice of CBRE’s Atlanta office secured the floating rate financing with a debt fund lender.  “We found numerous lenders interested in providing the financing for Phoenix, a reflection of the strength of the location, brand and Phoenix’s redevelopment strategy for the property”, said Howe.  Mr. Rice added, “ultimately it was a matter of finding the best partner for Phoenix as they execute on their plan to reposition the asset as the premier corporate and leisure option in the market”.
 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
 
About Phoenix Development Partners
Phoenix Development Partners is a seasoned real estate development and investment firm that delivers proven results across hospitality and multi-family project types. Phoenix seeks value-add or new development opportunities in metropolitan markets. For more information on Phoenix Development Partners, visit www.phoenixdevelopmentpartners.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.