Investment and development firm Akara Partners landed a $57 million refinance on its 206-key extended stay hotel tower in River North.
An entity connected to Pimco provided the debt on the recently-opened Hilton Home2 Suites at 110 West Huron Street. JLL represented Akara on the loan deal. It replaces a $53.5 million construction loan from Goldman Sachs from 2017, according to public records. The 17-story hotel opened last February.
Akara and Pimco did not respond to requests for comment.
Across Chicago, there was a flurry of high-priced hotel trades over the last year. In 2019, the top five sales combined for $1.2 billion, nearly six times more than the previous year’s $200 million.
Early last year, Akara and CA Ventures sold a 227-unit River West apartment complex to Newcastle for $85.5 million.