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225 North Elizabeth Street

Updated Sep 9, 2026

Andy Gloor Of Sterling Bay And Gabe L. Finke Of Ascentris Secure $93.5M Refinance For Multifamily Tower
FINANCEDMultiFamily

Andy Gloor Of Sterling Bay And Gabe L. Finke Of Ascentris Secure $93.5M Refinance For Multifamily Tower

225 North Elizabeth Street

$93,500,000

Units

350

Asset Type

MultiFamily

Closing

Sep 8, 2026

About this deal

AI

The Elizabeth is a 350-unit multifamily tower situated at 225 North Elizabeth Street in Chicago’s Fulton Market. The property is a 28-story, Class A building, completed in 2024, which includes 10,000 square feet of retail space. Recently, it has had a refinancing transaction amounting to $93.5 million, reflecting the strong demand for high-quality multifamily assets in the local submarket.

Summary of transaction details:

Draper and Kramer’s Commercial Finance Group was responsible for arranging the $93.5 million refinance for The Elizabeth. This transaction highlights the involvement of experienced brokers William Barry and Bill Stewart, who facilitated the deal on behalf of the landlords, Sterling Bay and Ascentris.

On the Map

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$93,500,000

MultiFamily

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Players

Bill Stewart

Draper & Kramer

Broker

$440.1M

vol

3 deals

Broker
Andy Gloor

Andy Gloor

Sterling Bay

Landlord

$1.6B

vol

20 deals

Landlord
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Berkeley Heights MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Deal FAQ

About $267.1K per unit across 350 units on a published $93.5M (2026).

Visit Bill Stewart to view all their deals.

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

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