JLL has secured the refinancing for a dual-brand hotel portfolio, supporting the sponsors’ ongoing ownership and capital planning strategy in Chicago’s River North district.
JLL worked on behalf of the borrower, a joint venture between Friedman Properties and White Lodging, to secure a fixed-rate, five-year loan through PGIM Real Estate’s lending business. The JLL Debt Advisory team was led by Senior Managing Director Danny Kaufman, Managing Director Jeffrey Bucaro and Analyst Malia Buljat.
The collection comprises the 270-key Residence Inn River North and the 253-key SpringHill Suites River North, both Marriott-affiliated properties totaling 523 keys at 410 North Dearborn St.
Both hotels recently completed a renovation of all guestrooms in April 2025, with public space and meeting room upgrades scheduled for completion in February 2026. “Chicago’s lodging market fundamentals continue to strengthen, driven by the city’s diversified economy and growing tourism base,” said Kaufman.
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