Hotel & Tower Project in Chicago Gets Financing

Hotel & Tower project in Chicago gets financing

Sterling Bay has announced the closing of $174.5 million in financing for the construction of a 47 story mixed-use tower at 300 North Michigan Avenue that will be developed in partnership with Magellan Development Group. (Rendering above courtesy of Sterling Bay/bKL Architecture.)

According to an article in Connect Chicago, the capital structure includes senior-secured financing from Bank OZK, mezzanine financing from Pearlmark Real Estate and Monroe Capital and also a crowd-sourced equity component fundraised through CrowdStreet. 

The project will include the following:


 - 289 residential units

 - 25,000 square feet of flagship retail space

 - 280-key hotel that will be purchased by citizenM upon completion


Newsbug states that Sterling Bay has assembled a best-in-class team to lead development at 300 North Michigan Avenue which is located between the City's Riverwalk and Millennium Park. Chicago based general contractor Linn-Mathes will be in charge of the construction process which is scheduled to begin in August. bKL Architecture will serve as lead architect.


"This development will serve as a striking new addition to Chicago's Michigan Avenue. We are extremely proud that financing has successfully crossed the finish line despite the pandemic. Our ability to originate multiple loans from industry-leading lenders - as well as from a diverse group of individual investors - at a time when capital is at a premium is a testament to our team's excellent track record for success in commercial property development."

CEO of Sterling Bay | Andy Gloor


Sterling Bay's 300 North Michigan Avenue presents an opportunity for the City of Chicago to continue developing world-class properties that deliver important economic opportunities to the community.

This massive project will help the community in the following ways:


 - Will create over 500 on-site construction jobs over course of development

 - 70+ permanent on-site jobs in residential and hotel operations once complete

 - Include a $3.9 million payment by Sterling Bay into Chicago's Neighborhood Opportunity Fund which is used by the City to support small businesses in underserved neighborhoods on the South and West sides


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Sterling Bay is a Chicago-based real estate investment and development company with expertise spanning all aspects of real estate ownership. They are well known for creating world-class urban campuses for companies like Google, McDonalds, WPP, Pinterest, Dyson and Tyson Foods. 

Their award winning projects transform space, enhance communities and strengthen a company's culture and brand. Sterling Bay's team consists of more than 200 professionals who are responsible for a portfolio that exceeds $5 billion, and a development pipeline of more than $9 billion. 


DataBid is currently reporting on this project - 300 N. NMA Millenium Mile Multi Use Highrise Tower - Chicago      (0045051517)

See DataBid Blog titled: Michigan Avenue Hotel & Apartment Tower Wins Approval


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Posted by Judy Lamelza

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