CHICAGO, Illinois—JLL Capital Markets announced that it has secured the refinancing for a dual-brand hotel portfolio in Chicago’s River North district. 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.
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 core lending business.
The properties occupy a strategic location in River North, which contains the highest concentration of restaurants and entertainment venues in Chicago. The hotels sit within one mile of nearly 28 million square feet of Class A office space and are positioned blocks from Michigan Avenue’s shopping corridor, Navy Pier, Chicago’s Theatre District, and the $100 million Riverwalk development along the Chicago River.
Property Details
Both hotels recently completed a renovation of all guestrooms in April 2025, with public space and meeting room renovations scheduled for completion in February 2026. The property includes 1,358 square feet of meeting space, a fitness center, and multiple food and beverage outlets, including two new restaurant concepts by Lettuce Entertain You—Gus’s Sip & Dip and Crying Tiger—that opened on the ground floor.
The Residence Inn offers 270 suites across four configurations, each equipped with full kitchens, separate living areas, and complimentary breakfast service. The SpringHill Suites provides 253 suites with kitchenettes and modern amenities.
The JLL Debt Advisory team was led by Senior Managing Director Danny Kaufman, Managing Director Jeffrey Bucaro, and Analyst Malia Buljat.
“Chicago’s lodging market fundamentals continue to strengthen, driven by the city’s diversified economy and growing tourism base,” said Kaufman. “This property benefits from River North’s transformation into the city’s cultural and entertainment epicenter, while the recent renovation ensures it can compete at the top of its market segment. The combination of superior sponsorship, prime location, and fresh product created a compelling story for lenders.”
“PGIM is excited to finance a well-positioned, newly renovated hotel with best-in-class sponsorship in the dynamic Chicago lodging market,” said Jeff Goodman, executive director, originations at PGIM. “We appreciate the opportunity to strengthen our relationship with the Friedman and White organizations and collaborate with JLL to bring this loan to fruition.”
