Sterling Bay Secures Financing For – And Breaks Ground On – New Multifamily Development In Fulton Market
Construction at 225 N Elizabeth is Now Underway
CHICAGO – (September 13, 2022) – Sterling Bay, Chicago’s premier real estate investment and development firm, has announced the closing of construction financing for 225 N Elizabeth, a new multifamily development in Chicago’s Fulton Market District. The building, which broke ground earlier this week, will feature 350 residential units, 20-percent of which will be made available as affordable housing.
“Fulton Market is one of the nation’s preeminent submarkets and Sterling Bay is incredibly excited to continue facilitating growth in this vibrant neighborhood,” said Andy Gloor, CEO of Sterling Bay. “As businesses and startups continue to move their operations to Fulton Market, the neighborhood increasingly needs multifamily properties that can accommodate the needs of a growing workforce. 225 N Elizabeth will complement the industrial character of Fulton Market while raising the standard for urban living in Chicago.”
225 N Elizabeth will be developed in partnership with Ascentris, a Denver-based private equity firm. In addition to residential units, the property will feature roughly 9,000 square feet of retail space, 95 car parking spaces and extensive indoor and outdoor amenities on the third and top floors of the building. At 28-stories tall, the development will add another world-class tower to Sterling Bay’s rapidly growing portfolio of office, retail, and residential developments in Fulton Market. A rendering of the property is available here.
“Ascentris is incredibly excited to partner with Sterling Bay in developing 225 N Elizabeth, a project that will serve as a great addition to Fulton Market and its growing residential population,” said Denis Curran, Managing Director at Ascentris. “Further, Ascentris looks forward to continuing and expanding its relationship with Sterling Bay, as 225 N Elizabeth represents the partnership’s second multifamily development in the neighborhood.”
The capital structure for 225 N Elizabeth includes financing from Citizens and First Midwest Bank.
“Providing financing for developments such as 225 N Elizabeth, which we believe will help meet the high demand for multifamily housing in Fulton Market, is one of the ways that Citizens adds value for its clients and communities,” said Matt Adams, Senior Vice President at Citizens. “As trusted advisers and financial partners to Sterling Bay and Ascentris, we are contributing to a project that will benefit one of Chicago’s most dynamic neighborhoods.”
In addition to Ascentris and Citizens, Sterling Bay has assembled a world-class team to support 225 N Elizabeth’s development. Chicago-based general contractor McHugh Construction will oversee construction of the project and Hartshorne Plunkard will act as lead architect. Construction of 225 N Elizabeth will include the significant engagement of minority and women-owned contracting firms.
225 N Elizabeth construction completion is expected in Q2 2024. More information on the project is available here.
ABOUT STERLING BAY
Sterling Bay is an experience-driven real estate company that boldly transform spaces, industries, and communities across the country, sparking growth and opportunity at every turn. Known for creating innovative, connected, and collaborative spaces for world-class companies such as Google, McDonald’s, WPP, Pinterest, Dyson and Tyson Foods, Sterling Bay is consistently recognized for award-winning projects that enhance communities and strengthen a company’s culture and brand. Sterling Bay’s team of more than 185 professionals is responsible for a portfolio exceeding $5 billion, and a development pipeline of more than $20 billion. For more information, visit www.sterlingbay.com.
Ascentris is a real estate private equity firm focused on value-add investing in transitional and generational real estate across the major property types and markets throughout the United States. Since 2003, Ascentris has managed institutional capital in a series of vehicles utilizing an investment approach and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, accountability, and transparency. Ascentris is a privately held and management-owned SEC-registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at https://ascentris.com/.
ABOUT CITIZENS FINANCIAL GROUP, INC.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets as of June 30, 2022. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,300 ATMs and more than 1,200 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.