CHICAGO- Mission Capital Advisors, LLC announced yesterday that it had secured a $44.4 million construction loan to help develop Soho House in Chicago, the first venture in the city for the membership club, which already operates in New York, Miami, London, Berlin and other cities. The loan closed on May 1.
Mission Capital obtained the loan on behalf of a joint venture between Shapack Development and AJ Capital Partners, both of Chicago. The venture will transform an 117,000-square-foot former warehouse at 113 N. Green St. in the burgeoning Fulton Market District into a six-story, 40-room hotel with a Cowshed Spa, gym, restaurant and bar, rooftop pool, and a screening room, as well as Chicken Shop and Pizza East restaurants.
The joint venture purchased the property in February 2012 and later signed a long-term lease with London-based Soho House Group. The partners say the club will open in the summer of 2014.
“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, in a statement. “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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