Sterling Bay has announced the closing of $81.8 million in financing to begin its construction of 160 N. Morgan, a new mixed-use tower in Fulton Market. Developed in partnership with Ascentris, a Denver-based real estate private equity firm, 160 N. Morgan will feature 282 residential units and 2,600 square feet of ground floor retail located between the CTA Morgan L station and W. Randolph St.
Sterling Bay’s capital structure for 160 N. Morgan includes senior-secured financing from CIBC Bank USA, headquartered in Chicago, and backed by a 150-year-old Toronto-based, global financial institution.
In addition to Ascentris, Sterling Bay has assembled a best-in-class team to lead development at 160 N. Morgan. Walsh Group will oversee construction alongside joint venture partner and certified minority-owned business, BOWA Construction, ensuring compliance with the city’s mandates for equitable contractor engagement. Local design firm bKL Architecture will serve as lead architect seamlessly integrating the building’s masonry and metal materials with the neighborhood’s character as a former industrial district.
Notably, as part of its development-related commitments to provide affordable housing both on and off site, Sterling Bay will contribute nearly $6M to fund the construction of 28 units of affordable housing at SL Solar Lofts, a 44-unit residential project located at 2548 South Federal Street on Chicago’s south side. SL Solar Lofts is a project led by 548 Capital, a local minority-owned real estate development firm.
160 N Morgan is slated to break ground before the end of this month.