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Sterling Bay secured $48M in refinancing for the Talbott Hotel, the 178-room Gold Coast hotel it bought three years ago in a venture with Conlon for $51.5M.
Mesa West Capital provided the refinancing package, which included $7M in mezzanine debt. Sterling Bay and Conlon closed the Talbott in December 2016 to undergo a five-month, $20M renovation. Mesa West Vice President Matthew Snyder said in a statement the refinancing package was an opportunity to lend on a fully renovated, well-located Gold Coast building.
The Talbott Hotel is Mesa West's third time doing business with Sterling Bay. Mesa West provided Sterling Bay with $83M to recapitalize 121 West Wacker in October 2016, and put together a $220M refinancing package for 1K Fulton in February 2015.
Sterling Bay's investor team on the Talbott Hotel includes actor John Cusack, hockey legend Chris Chelios, hotelier John Pritzker and businessman Bill Rancic.
