Mesa West Provides $14.5 Million in Financing on IL Hotel

Financing allows owners to convert 269-room hotel to full-service Hilton
By: Bruce Beck
 
 
Orrington Hotel
Orrington Hotel
Feb. 15, 2010 - PRLog -- LOS ANGELES  --  Mesa West Capital has provided an affiliate of Greenfield Partners, LLC with $14.5 million in first mortgage financing for the recapitalization of their existing loan on the Orrington Hotel, a full-service hotel located in Evanston, Illinois.  
    The financing, which was arranged by Jay Marshall of HFF (Holliday Fenoglio Fowler, LP), also included capital necessary to convert the hotel to a full service Hilton, according to Mesa West Capital Vice President Ronnie Gul.
    The property is a nine-story, full-service hotel with 269 guest rooms, including a 12,000 square-foot  IACC-certified conference facility, 12,000 square feet of meeting and banquet space, café, restaurant, bar and lounge, and fitness center.  The property includes an adjacent four-story, 178-car parking garage and four retail spaces, all currently leased.  The property is within one block of Northwestern University, which is a key demand driver for the hotel.  
    "We are excited to be financing Greenfield Partners as they continue to add value to a property that is uniquely positioned in the marketplace," said Ronnie Gul.  "The Hilton brand should help drive mid-week demand, improving the hotel's occupancy and operating performance.”
    Greenfield Partners will oversee the conversion to Hilton, while Magna Hospitality Group will provide hotel management services.

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About Mesa West Capital, LLC

Headquartered in Los Angeles and New York, Mesa West Capital http://mesawestcapital.com is a non-recourse, balance-sheet lender with a capital base over $1.5 billion. Mesa West Capital is actively seeking investment and financing opportunities for all major product types in the Western United States and gateway cities on the East Coast.
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Tags:Hotel, Lodging, Hospitality, Lending, Finance, Hilton, Mortgage, Loan, Illinois, Evanston, Financing, Debt
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