Mesa West Capital Provides $48M Refinancing for Talbott Hotel in Chicago
CHICAGO — Mesa West Capital has provided a $48 million loan for the refinancing of the newly renovated Talbott Hotel in Chicago. The borrower, Sterling Bay, acquired the 16-story hotel in the fall of 2015. Sterling Bay completed a renovation of the lobby, common areas and guest rooms and added a restaurant, fitness center and 29 new rooms to rebrand the property into a 178-room boutique hotel. The hotel reopened in May 2017. The non-recourse loan will allow Sterling Bay to stabilize the hotel over the course of the five-year loan term, according to Matthew Snyder, vice president of Mesa West. Snyder and Brian Hirsh originated the loan.