Lake Shore Athletic Clubs | Lincoln Park | Illinois Center | Chicago, Illinois

The Project
The Lakeshore Athletic Clubs consist of two separate special-purpose, owner-occupied properties located in the Lincoln Park and Lakeshore East neighborhoods of Chicago. At its inception, with approximately 120,000 SF per property, Lakeshore was one of the first large format fitness clubs in the United States.

​Challenges
The client desired long-term, fixed-rate debt financing to not only refinance existing debt, but also to achieve a cash-out to source capital for other uses. Underwriting special purpose, owner-occupied, privately-held properties required a deep understanding of the business and underlying real estate adaptive re-use potential.

The Result
Michael Sieman during his tenures with Baird & Warner Real Estate Capital and Northmarq, structured a total of $94 million in cumulative total debt initially through a syndication, and later with a securitized lender. To complete the securitization, Michael met with the “B” buyer to review the underwriting, the market, and inspect the property.