REBusinessOnline

Mesa West Capital Structures $82.6M Loan to Recapitalize Iconic Chicago Office Building

CHICAGO — Mesa West Capital has provided a joint venture led by local development firm Sterling Bay with $82.6 million in debt to recapitalize 121 West Wacker Drive, a 41-story office building in downtown Chicago’s Central Loop. The financing included a first mortgage loan originated out of Mesa West’s open-ended Mesa West Core Lending Fund, and mezzanine debt provided by Pearlmark Real Estate on behalf of Pearlmark Mezzanine Realty Partners, IV, LP. The office tower recently underwent an extensive renovation, including a new lobby and retail level, updated building systems and a new tenant amenity floor overlooking the Chicago River.

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