Search
 

John Hancock Gets Big Refinance

CHICAGO—Mesa West Capital recently opened an office in Chicago, and has made an impact by helping refinance several key office properties.

By Brian J. Rogal | Updated on January 19, 2016

CHICAGO—Mesa West Capital recently put its name on the map in Chicago when it provided Sterling Bay with $220 million to refinance its 1KFulton project in the West Loop, and it has now helped refinance another iconic office property. It has provided a partnership led by Chicago-based real estate investment firm Hearn Co. with $210 million in short-term first mortgage debt to refinance the office and parking components of the John Hancock Center. The financing included $35 million of mezzanine debt, which was placed at closing with an institutional investor.

In 2013, Hearn acquired the 894,000 square feet of office space along with a 710-car parking garage located within the 100-story skyscraper located at 875 N. Michigan Ave. on Chicago’s Magnificent Mile. Since acquiring the building, Hearn has replaced the mechanical systems, renovated the entries and lobbies on Chestnut and Delaware streets, and added a new 13th floor lounge, fitness center, and conference facility. It redesigned the common areas on each floor and redeveloped the bathrooms. And Hearn still plans to redesign the building’s Michigan Ave. Plaza.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.