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Chicago & Midwest  + Downtown  + Finance  | 
345 North Morgan Street rendering Chicago Sterling Bay

Sterling Bay Lands Construction Debt for Next Fulton Market Project

Sterling Bay has scored a construction loan for a nearly $120-million office building in the Fulton Market District, Crain’s Chicago Business reported. The project comes as the trendy corridor dramatically outperforms the rest of the pandemic-hampered downtown office market.

The company closed on a debt package totaling roughly $100 million to begin work on its 11-story office building at 345 N. Morgan St., a Sterling Bay spokeswoman told Crain’s. The developer is holding a ceremonial ground-breaking on Wednesday for the 200,000-square-foot project immediately north of the Ace Hotel and nearby Google’s Midwest headquarters.

Senior financing came from Bank OZK, which had previously put up financing on a $250-million hotel and office tower Sterling Bay is building at 300 N. Michigan Ave. Mezzanine financing came from Pacific Coast Capital Partners. It’s not clear how much either loan is valued at.

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

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