Mission Capital Advisors LLC announced on Thursday that it has arranged for a US$44.4 million construction loan for the development of Soho House Chicago.
Mission Capital obtained the loan on behalf of the sponsor, a joint venture between Shapack Development and AJ Capital Partners, both of Chicago. The loan closed on Wednesday.
The property is a 6-story, 117,000 sq ft (10,869 sq m) industrial building constructed in 1908. Scheduled to open in the summer of 2014, Soho House Chicago will include 40 guestrooms, 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 joint venture purchased the property in February 2012 and subsequently signed a long-term lease with London-based Soho House Group, which was announced in May 2012 along with other new Soho House deals.
Soho House was founded in 1995 as a private members’ club for those in the film, media and creative industries.