Ross Walker, co-founder and partner at Hawkins Way Capital, successfully closed a $5.2M refinancing loan with Symetra Life Insurance Company as the lender for its Sonder-run River North hotel. The loan, brokered by Meridian Capital Group, will provide funding for the continuing of operations at the innovative 60 keys hotel, which appeals to digital nomads and young travelers through communal amenities, affordable rates, and proximity to the city’s most popular tourist attractions.
Originally the historic Olympia Building, the property at 613 North Wells Street was built in the 1910’s and purchased by Hawkins Way in 2016. The trendy hotel, which opened rebranded doors in 2018, has been leased by publicly traded short-term rental company Sonder and offers guests 60-rooms, private and shared, in the heart of River North. Alongside guest rooms and amenity spaces, the 25,000 square foot property also features a restaurant, cafe, and speakeasy style bar. Hawkins Way has plans to self-manage versus lease the property in the future as the post-Covid hospitality market has reduced operating risk.
