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Sterling Bay JV secures $83m loan on Chicago office building

by Jody Barhanovich

A joint venture led by Sterling Bay has recapitalized 121 W. Wacker Drive, a 41-story, 445,000 square-foot office building in Downtown Chicago’s Central Loop for $82.6 million.

The financing includes a first-mortgage loan originated out of Mesa West Capital’s open-end Mesa West Core Lending Fund and mezzanine debt provided by Pearlmark Real Estate on behalf of its Pearlmark Mezzanine Realty Partners IV.

The Mesa West Core Lending Fund is a core, open-end fund that focuses its investments in mortgage loans secured by U.S. CBD office, hotel, industrial, mortgage, multifamily and retail properties.

The Pearlmark Mezzanine Realty Partners IV is a closed-end, value-added debt fund that focuses its investments in the United States. The fund held an initial close in June 2015.

“We continue to build a strong re

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