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PCCP Provides Mezz Debt on Sterling Bay Spec Project
PCCP, LLC provided a $30-million mezzanine construction loan to Sterling Bay for the speculative development of 345 North Morgan, a 196,608-square-foot, 11-story office building in the Fulton Market District. The Class A, LEED Silver-Certified project has begun construction, with late-2022 completion expected.
“The strength and vibrancy of the Fulton Market office submarket can be attributed in large part to Sterling Bay and their successful execution of numerous diverse developments within the submarket,” said Tina Ramos, SVP with PCCP.
She added, “We believe strongly in Sterling Bay’s vision for 345 N. Morgan and anticipate that the asset will be the beneficiary of the strong leasing momentum for high quality, amenitized office space in Fulton Market, particularly in an office environment that has been changed by the pandemic.”
345 North Morgan will feature 24,018-square-foot floorplates; 13’ to 16’ ceiling heights; private outdoor lounges on every floor; and a conference facility.
- ◦Development
- ◦Financing
