July 21, 2020 Comments Off on Monroe, Pearlmark Provide Mezz Debt on Sterling Bay/Magellan Tower Views: 475 Chicago News, North Side

Monroe, Pearlmark Provide Mezz Debt on Sterling Bay/Magellan Tower

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Monroe Capital’s Opportunistic Private Credit group said it closed on a $24.5-million mezzanine loan for the development of 300 N. Michigan Ave. in the West Loop. Monroe partnered with Pearlmark on the transaction.

Pearlmark’s Stephen Quazzo said his team structured and originated the mezz financing, bringing in Monroe as a co-investor. The $250-million mixed-use project is a joint venture of Sterling Bay and Magellan Development Group.

“We are appreciative of Monroe and Pearlmark’s efforts to close on a complex transaction during an extremely challenging time,” said Andy Gloor, CEO of Sterling Bay. “Monroe and Pearlmark were able to mobilize quickly with their real estate and structuring expertise to get the transaction closed efficiently.”

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