CHICAGO, Jan. 14, 2026 –  JLL Capital Markets announced today it 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. 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.

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 just blocks from Michigan Avenue's renowned shopping corridor, Navy Pier, Chicago's Theatre District and the $100 million Riverwalk development along the Chicago River.

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 features 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 spacious suites across four configurations, each equipped with full kitchens, separate living areas and complimentary breakfast service. The SpringHill Suites provides 253 well-appointed suites with kitchenettes and modern amenities. Both properties benefit from Marriott International's global reservation system and Marriott Bonvoy loyalty program, which serves more than 228 million members worldwide.

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.” 

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom. 

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500^® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com. 

Friedman Properties, Ltd. owns, leases, and manages a portfolio of 50+ buildings totaling over 5 million square feet including office, retail, residential, parking, event and hospitality space. Concentrated in Chicago’s River North neighborhood, Friedman Properties’ buildings are among the city’s most storied landmarks. The company recently completed several new developments, including the Moxy Hotel in partnership with White Lodging and Chicago's first Earth-Friendly parking facility, Greenway Self-Park. These and future projects mark the next stage in the evolution of the neighborhood and the company. Since the 1970’s, Friedman Properties has been a leader in redeveloping River North. Partnering with restaurants, hotels, artists, entrepreneurs, and civic leaders, Friedman Properties has used historic preservation and adaptive re-use as a catalyst to transform River North—once a neglected neighborhood—into the city’s most desirable 24-hour live/work/play destination. The modernization and careful restoration of properties celebrates their character and history while accommodating the needs of today’s business user. The firm’s progressive approach to ownership in River North continues to guide the company's development in projects throughout the city and suburbs. Innovative design, creative leasing, and excellence in tenant service put Friedman Properties’ buildings among the best that Chicago real estate has to offer.

White Lodging, established in 1985 by hospitality icon Bruce White, has evolved into one of the country’s largest privately held hospitality companies focused exclusively on highly curated urban and lifestyle properties. The company develops, owns and manages a portfolio of brands in destination-driven markets, including Austin, Chicago, Denver, Nashville, Indianapolis, and Louisville. With a focus on elevated and experiential service, White Lodging’s portfolio consists of approximately 60 premium hotels; a private collection of world-renowned luxury ranches; 50 locally relevant, award-winning restaurants; and 10 market-leading rooftop bars. White Lodging focuses on hiring and developing Hospitalitarians that are committed to exceptional service and fostering meaningful connections. White Lodging is the second highest in the 2021 J.D. Power Guest Satisfaction Benchmark for third-party management companies, and has been near the top since the first benchmark was published. For more information about White Lodging, visit www.whitelodging.com or follow the company on LinkedIn, Instagram and Facebook.

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing $1.5 trillion in assets,¹ PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,400+ investment professionals across 41 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.

PGIM’s real estate business is the world’s third-largest real estate investment manager, with $216 billion in gross assets under management and administration,² and real estate professionals located in 30+ cities worldwide. Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

¹ As of Sept. 30, 2025.

² As of Sept. 30, 2025, AUM reflected as gross. Net AUM is $139 billion and AUA is $49 billion. PGIM’s real estate business is the third-largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published October 2024. This ranking represents AUM as of June 30, 2024. Participation in the ranking is voluntary, and no compensation is required to participate in the ranking.