May 14, 2019
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Sterling Bay and institutional investors advised by J.P. Morgan Asset Management secured $84 million to refinance 210 N. Carpenter, a 12-story, 206,000-square-foot new construction office building in the heart of Chicago’s Fulton Market district. Bank of America provided the financing.
Fulton Market pioneer Sterling Bay developed the property that delivered earlier this year. The building is just steps away from the Morgan and Lake Street ‘L’ station, and ideally located in the center of Fulton Market. Google plans to occupy seven floors of 210 N. Carpenter in the fall.
JLL’s Keith Largay, Brian Walsh and Patrick Healy arranged the financing on behalf of the borrower.
Largay says, “The current lending market is extremely aggressive, especially for top tier sponsors with market leading assets like 210 N. Carpenter. The competition for this financing was intense, enabling sponsorship to lower their cost of capital, while providing long-term flexibility.”
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