Non-Performing Loan Hotel Felix Downtown Chicago

Listing Agents

Mike Schlictman
T | 803.920.4173

Andrew Makhlouf
T | 312.610.9067

Detailed Information
Property Highlights
  • Non-Performing Loan (NPL) collateralized by fee-simple interest in the 228-room Hotel Felix Downtown Chicago
  • Available for purchase in the September 8th auction event via TenX
  • The Loan was originated in December 2013, with a ten-year term, 32-year amortization, and an interest rate of 5.277%
  • The unpaid principal balance was approximately $44.7MM as of July 2022
  • The loan transferred to special servicing in April 2020 due to imminent default, and a court-appointed receiver was put in place in January 2021
  • Borrower remains cooperative with lender towards transition of title
  • Independent asset affords prospective investors the opportunity to complete the foreclosure and pursue alternative branding or potential alternative use
  • Core River North location is centrally located within ultra-high barrier to entry downtown Chicago CBD
  • River North submarket retail sector showing very positive momentum with year-over-year occupancy up +12% across 3.4MM square feet of retail space
  • Readily accessible to ~165MM square feet of downtown office demand – with River North maintaining some of the lowest downtown vacancy rates and showing positive YTD 2022 office absorption
  • Favorable recent downtown office announcements include potential Google acquisition of 17-story Thompson Center and Kellogg corporate HQ relocation to Chicago River North office
  • Walking distance to all core area leisure demand – including Michigan Avenue, Navy Pier, Millennium Park, the Chicago River Front, the Chicago Lake Front, and the now approved $1.7B Bally’s Casino development
  • Walking distance to all downtown University demand – including the downtown campuses of Northwestern University, DePaul University, and Loyola University; Walk Score® of Walker’s Paradise (99) and Transit Score® of Rider’s Paradise (100)
  • Walking distance to the world-renowned Northwestern Memorial Hospital – the #1 ranked hospital for the state of Illinois and top-ten ranked facility nationally
  • Easily accessible to Chicago’s two primary airports – Midway International which recently completed a $74MM renovation, and O’Hare International Airport poised for a massive $8.5B expansion and modernization
  • Chicago CBD submarket RevPar is up 200% T12 June 2022 from the same period last year
  • Ideal time to be investing in downtown Chicago hotel market amidst ongoing market recovery and 2022 hotel ADR on pace to surpass pre-COVID highs