Mesa West Provides $68M for 311 Monroe

CHICAGO—Mesa West Capital has provided $68 million in first mortgage debt to a joint venture of Prudential Real Estate Investors and GlenStar Properties for its acquisition of 311 W. Monroe St., a 15-story office tower in the West Loop. The partners also plan to reposition the 364,000-square-foot building with a multi-million dollar capital plan and leasing campaign. This comes on the heels of Los Angeles-based Mesa West’s $220.0 million loan to Chicago-based Sterling Bay for their refinance of Google-anchored 1K Fulton, also in the West Loop.

As reported in GlobeSt.com, GlenStar has launched several significant and similar projects in downtown Chicago, such as 55 E. Monroe St. and the Chicago Board of Trade Building, as demand for office space in the CBD continues to grow.