July 17, 2020 Comments Off on Sterling Bay Lands Financing to Build Resi/Hotel Tower in Downtown Chicago Views: 930 Chicago News, Top Chicago

Sterling Bay Lands Financing to Build Resi/Hotel Tower in Downtown Chicago

Order Reprints...

Sterling Bay closed on $174.5 million in financing for the construction of 300 N. Michigan Ave., a 47-story hotel and residential tower to be developed in partnership with Magellan Development Group. The capital structure includes senior-secured financing from Bank OZK, mezzanine financing from Pearlmark Real Estate and Monroe Capital and a crowd-sourced equity component fundraised through CrowdStreet.

Located between the Riverwalk and Millennium Park downtown, 300 N. Michigan will feature 289 residential units, 25,000 square feet of flagship retail space and a 280-key hotel that will be purchased by citizenM upon completion. Chicago-based Linn-Mathes will oversee the construction process, which is scheduled to begin in August.

“This development will serve as a striking new addition to Chicago’s Michigan Avenue,” said Andy Gloor, CEO of Sterling Bay. “We are extremely proud that financing has successfully crossed the finish line despite the pandemic.”

Connect With Sterling Bay’s Gloor


Get CRE News in 150 words

For comments, questions or concerns, please contact Paul Bubny

Tags: , , ,

Comments are closed.