The attack happened Dec. 23 at the home of one of the suspects, the Chicago Tribune reported Monday.
The victim, a 17-year-old Brother Rice high school student, was lured to the suspect's home and beaten, police said. He was not allowed to leave.
One of the attackers allegedly fashioned a noose and put it around the victim's neck while all three yelled racial slurs.
The victim managed to escape and told his family, who later complained to school officials.
Matthew Herrmann, 18, was charged as an adult with a hate crime, unlawful restraint and misdemeanor battery, police said.
The two other suspects, 16 and 17, were cited as juveniles on the same charges. The 16-year-old also was charged with aggravated assault for pulling a knife, police said.
The attack apparently stemmed from the victim's relationship with the 16-year-old's cousin.
The three suspects were charged Jan. 10, police said.