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JV Gains Loan for Soho House After One-Year Delay

JV Gains Loan for Soho House After One-Year Delay

CHICAGO—A joint venture of Shapack Development and AJ Capital Partners has obtained a $44.4 million construction loan for the build of the planned Soho House here.

Mission Capital Advisors LLC, based in New York City, arranged the loan for the redevelopment of the 117,000-sq.-ft. industrial building at 113 N. Green St. Scheduled to open in 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 local joint venture purchased the Green Street property for $6.5 million in February 2012 and subsequently signed a long-term lease with London-based Soho House Group. The JV was expected to break ground one year ago. In a statement, the venture did not address what caused the delay.

“Soho House is one of the leading private social clubs in the world,” said Jordan Ray, managing director of Mission Capital’s Debt & 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.”

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