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Sterling Bay and Ascentris have broken ground on 225 N Elizabeth, a multifamily development in Chicago's Fulton Market District

Sterling Bay’s Fulton Market Residential Closes on Construction Financing

Sterling Bay has closed on approximately $92 million in construction financing for 225 N Elizabeth, a new multifamily development in Chicago’s Fulton Market District. The building, which broke ground earlier this week, will feature 350 residential units, 20 percent of which will be made available as affordable housing.  

“Fulton Market is one of the nation’s preeminent submarkets and Sterling Bay is incredibly excited to continue facilitating growth in this vibrant neighborhood,” said Andy Gloor, CEO of Sterling Bay.  

225 N Elizabeth will be developed in partnership with Ascentris, a Denver-based private equity firm. In addition to residential units, the 28-story property will feature roughly 9,000 square feet of retail, 95 parking spaces and extensive indoor and outdoor amenities on the third and top floors of the building. The new development adds to Sterling Bay’s rapidly growing portfolio of office, retail, and residential developments in Fulton Market.


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About Paul Bubny

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 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 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. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing