Magellan Development Group & Sterling Bay Acquires Mixed-use Property In Chicago For $174.5M
300 North Michigan Avenue, Chicago, IL 60601, USA
$174,500,000
$397/SF
Building Size
439,400 SF
Asset Type
Mixed-use
Closing
Jul 20, 2020
About this deal
AI
The mixed-use property located at 300 N Michigan Ave in Chicago was involved in a closed transaction. The property is owned by Magellan Development Group and Sterling Bay, represented by Linn-Mathes and Andy Gloor respectively. The loan for this transaction was provided by Monroe Capital and Pearlmark Real Estate, with Stephen Quazzo serving as the representative.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $174,500,000
- Address: 300 N Michigan Ave, Chicago
- Market: Chicago
Stephen Quazzo from Monroe Capital and Pearlmark Real Estate played a key role in providing the loan for this transaction, while Linn-Mathes from Magellan Development Group and Andy Gloor from Sterling Bay represented the owners of the property.
On the Map
$174,500,000
$397/SF
Mixed-use
View full map
Players
Chicago Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
Loading comparables…
Deal FAQ
Visit Sterling Bay to view all their deals.
Browse Illinois mixed use loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93