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!
“Helmsley Spear Moves Headquarters to 747 Third Avenue”
Helmsley Spear, LLC, the oldest continuously operating real estate firm in America, has recently expanded and moved to a new
Steve Griffin
September 19, 2024
