Mesa West Capital has provided an affiliate of Greenfield Partners, LLC with $14.5 million in first mortgage financing for the recapitalization of their existing loan on the Orrington Hotel, a full-service hotel located in Evanston, Illinois.
The financing, which was arranged by Jay Marshall of HFF (Holliday Fenoglio Fowler, LP), also included capital necessary to convert the hotel to a full service Hilton, according to Mesa West Capital Vice President Ronnie Gul.
The property is a nine-story, full-service hotel with 269 guest rooms, including a 12,000 square-foot IACC-certified conference facility, 12,000 square feet of meeting and banquet space, café, restaurant, bar and lounge, and fitness center.
The property includes an adjacent four-story, 178-car parking garage and four retail spaces, all currently leased. The property is within one block of Northwestern
“We are excited to be financing Greenfield Partners as they continue to add value to a property that is uniquely positioned in the marketplace,” said Ronnie Gul. “The Hilton brand should help drive mid-week demand, improving the hotel’s occupancy and operating performance.”
Greenfield Partners will oversee the conversion to Hilton, while Magna Hospitality Group will provide hotel management services.