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Marc Bortz Acquires Development Site At 350 North Morgan Street From Andy Gloor For $18M
SOLD
$18,000,000
Illinois
See Similar DealsDevelopment Site
Sold 09/24/2025
SOLD
Marc Bortz Acquires Development Site At 350 North Morgan Street From Andy Gloor For $18M
350 North Morgan Street
See Similar DealsDevelopment Site
Sold 09/24/2025
Summary
ILLINOIS
Asset Type:Development Site
Transaction Type:Sale
The development site located at 350 North Morgan Street in Chicago was sold for $18,000,000. The property is approved for the construction of a 39-story apartment tower, offering potential opportunities for developers in the area.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $18,000,000
- Buyer: Marc Bortz
- Seller: Andy Gloor - Sterling Bay
- Market: Chicago
Andy Gloor of Sterling Bay represented the seller in this transaction, which is part of a broader strategy to divest from development sites due to financial pressures and a shift away from delayed projects like Lincoln Yards.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$960,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$63,950.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$85,329.18
Annual Debt Service$1,023,950.20
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