X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

CHICAGO-Thor Equities’ financed all but $10 million of its purchase and planned renovation of the historic Palmer House Hilton hotel. Sonnenblick-Goldman Co. arranged a $320-million loan for New York City-based Thor Equities, which paid $230 million to Beverly Hills, CA-based Hilton Hotels Corp. for the 1,639-room property at 17 E. Monroe St.

“Many prospective investors saw the Palmer House Hotel and Shops as a hotel acquisition,” says Sonnenblick-Goldman Co. managing director and principal Mark Gordon. “Thor Equities identified the Palmer House as a 1.7-million-sf landmark opportunity and saw the potential to redevelop the retail and renovate and reposition this truly irreplaceable asset.”

Thor Equities plans to add a ground-floor retail wing along State Street, a block south of its Gallery on State Street redevelopment. Also in Thor Equities’ 6-million-sf, $1.4-billion portfolio is the 260,000-sf Gallery at Canterbury in south suburban Markham. “The viability of Thor’s plan enabled us to structure a financing that will allow them to achieve their desired objectives in an economically feasible fashion,” Gordon adds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.