Monroe, Pearlmark Provide Mezz Debt on Sterling Bay/Magellan Tower
Monroe Capital’s Opportunistic Private Credit group said it closed on a $24.5-million mezzanine loan for the development of 300 N. Michigan Ave. in the West Loop. Monroe partnered with Pearlmark on the transaction.
Pearlmark’s Stephen Quazzo said his team structured and originated the mezz financing, bringing in Monroe as a co-investor. The $250-million mixed-use project is a joint venture of Sterling Bay and Magellan Development Group.
“We are appreciative of Monroe and Pearlmark’s efforts to close on a complex transaction during an extremely challenging time,” said Andy Gloor, CEO of Sterling Bay. “Monroe and Pearlmark were able to mobilize quickly with their real estate and structuring expertise to get the transaction closed efficiently.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types as well as delving into broader subject matter. He produces 15-20 daily news stories per day and also works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.