CWCapital, the special servicer on a delinquent CMBS loan valued at $274 million for the 429-key Club Quarters Chicago hotel in the Central Loop, is reportedly pursuing foreclosure. The loan was originated by Bank of America in 2017 to Blackstone Group’s real estate fund and has been on a watchlist since early 2020. Negotiations between CWCapital and other parties have stalled as they evaluate options; however, it’s still possible that foreclosure could be avoided if an agreement is reached. In addition to this hotel located in Chicago, three other CQ hotels owned by Blackstone are also secured by this loan located in San Francisco, Boston and Philadelphia respectively. Industry experts will discuss multifamily trends at W Chicago City Center Hotel during Connect Midwest: Multifamily & Adaptive Reuse Trends taking place June 13th 2023 – click here for more information or to register today!
Marcus and Millichap Duo Successfully Close Sale of Brighton Apartments
The sale of a six-unit multifamily property in Boston’s Brighton neighborhood for $4,595,000 was successfully arranged by Marcus & Millichap.
Steve Griffin
November 21, 2024
