Sterling Bay Receives $ 100 Million Loan From Fulton Market

0
53

[ad_1]

Sterling Bay Receives Major Loan to Build Fulton Market Office

345 North Morgan Street, Sterling Bay CEO Andy Glore (Google Maps, Sterling Bay)

After months of delays caused by the pandemic, Sterling Bay is set to begin construction on the Fulton Market office building following a substantial loan.

OZK Bank provided the main loan for a 200,000 square foot project at 345 North Morgan Street, while Pacific Coast Capital Partners provided a mezzanine loan, Crain’s said.

The 11-story complex is estimated at $ 120 million. It was originally intended for google as a lone tenant, but the deal fell apart amid the pandemic.

Work is expected to begin this week and be completed by the third quarter of 2022. The building is expected to include a 5,000 square foot rooftop terrace and a private outdoor terrace on each floor.

Bank OZK and Sterling Bay have their own history: A lender financed a $ 250 million hotel and residential tower on North Michigan Avenue.

There are no tenants for the building yet. Sterling Bay bought the property seven years ago for $ 4 million. This trendy neighborhood has had success with office rentals during the pandemic, despite the fact that Chicago is struggling market… The report notes that Kimberly-Clark, Tock, Calamos Investments and Teknion have signed new office leases on Fulton Market in recent months.

Sterling Bay had planned to start work at 345 North Morgan in early March 2020, but the pandemic disrupted those plans. Then there was a legal battle between Sterling Bay and Ohana Real Estate Investors over the right to the bonus construction, which was eventually settled.

[Crain’s] – Holden Walter-Warner

[ad_2]

Source link