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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.
- ◦Development
- ◦Financing
