Updated Dec 5, 2024
Sterling Bay Secures $92M Construction Loan For Development Site In Chicago
225 North Elizabeth Street, Chicago, Illinois 60642, United States
$92,000,000
Building Size
—
Asset Type
Development Site
Closing
Sep 12, 2022
About this deal
AI
The development site located at 225 N Elizabeth in Chicago has been involved in a closed transaction. The property is owned by Sterling Bay, represented by Andy Gloor. The transaction involved a construction loan amounting to $92,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $92,000,000
- Market: Chicago
- Address: 225 N Elizabeth
Andy Gloor from Sterling Bay played a key role as the landlord in this transaction. The loan obtained for the development site was a construction loan.
Players
Chicago Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93