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Sterling Bay takes on new debt at renovated Talbott Hotel in Gold Coast
The new debt comes two years after Sterling Bay renovated and refinance the Talbott Hotel
Two years after it renovated and refinanced the property, Sterling Bay has taken out a new loan on its Gold Coast hotel.
On July 22, the local developer took out a $46 million loan on the Talbott Hotel, 20 East Delaware Place, according to Cook County property records. Providing the loan was Angelo Gordon’s mortgage investment trust, property records show.
The new loan comes less than two years after Sterling Bay took out a five-year, $41 million loan from Mesa West for the Talbott Hotel. That loan came in late 2017, shortly after Sterling Bay unveiled a $20 million renovation of the hotel that added 29 rooms.
Sterling Bay acquired the hotel in 2015 as part of a joint venture that included Conlon & Co., actor John Cusack, retired hockey player Chris Chelios, restaurateur Bill Rancic and billionaire hotel investor John Pritzker, Crain’s reported at the time. The venture bought the hotel for $51 million, the paper reported.
The Talbott Hotel has 179 rooms and was built in 1927. A representative from Sterling Bay did not immediately respond to a request for comment.
Sterling Bay is less known for its hotel investments than its major development projects, many of them in Fulton Market. The Lincoln Yards developer earlier this month unveiled plans for two new Fulton Market towers, one to be used as apartments and one as office space. The firm has also recently put up for sale its Fulton Market headquarters, seeking $200 million for the property.
Sterling Bay also recently received initial city approval for its plans to construct a 46-story tower on North Michigan Avenue that would house 289 residential units, a hotel and ground-floor commercial space.