Sterling Bay Secures Financing on First Fulton Market Resi Project
Sterling Bay has closed on $81.8 million in financing to begin construction of 160 N Morgan, a new multifamily tower in Chicago’s Fulton Market District and the developer’s first residential project in the neighborhood. Developed in partnership with Ascentris, a Denver-based real estate private equity firm, 160 N Morgan will feature 282 residential units and 2,600 square feet of ground floor retail.
“Over the past two years, Fulton Market has defied pandemic challenges by maintaining its reputation as one of the nation’s fastest growing submarkets,” said Andy Gloor, CEO of Sterling Bay. “With its strong pipeline of incoming corporate headquarters, innovative retailers and promising tech ventures, the area now needs more multifamily options that can accommodate a young, modern workforce.”
Sterling Bay’s capital structure for 160 N Morgan includes senior-secured financing from CIBC Bank USA, headquartered in Chicagoand backed by a 150-year-old Toronto-based, global financial institution.
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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