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Transwestern Fund Pays $44M on Office, Hotels

CHICAGO-The corporation is providing $20 million in financing for the redevelopment of 55 E. Monroe and nearly $24.4 million for eight luxury hotel properties.

By Gina Kenny | Updated on August 01, 2007

(Read more on the debt and equity markets.)

CHICAGO-Transwestern Realty Finance Partners LLC is providing more than $44 million in mezzanine financing for a mixed-use building here and a portfolio of eight hotels in four states. The financing was made on behalf of its Transwestern Mezzanine Realty Partners II LLC fund, which has $300 million in equity commitments. The fund, when fully committed, will have an estimated value of $500 million, says Jim Mazzarelli, Transwestern Realty Finance Partners managing director.

The firm is providing a $20-million mezzanine loan to a joint venture of locally based GlenStar Properties LLC and Walton Street Capital, also based here. The joint venture acquired the 1.6-million-sf building at 55 E. Monroe St. last year for a reported $239 million, as reported by GlobeSt.com. The top 14 floors of the 50-story building will become residential condominiums, says Mark Witt, senior vice president of Transwestern. The remaining floors of the building, more than one million sf, will remain office and retail space. “I think having the residential condominiums is a perfect complement to the office, retail and parking portions,” Witt says. “We like having the multi-use nature of the building.”

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