July 17, 2020
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.”
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