Bank OZK Provides $120M Loan For Office Building At 345 N. Morgan St. In Chicago
345 North Morgan Street, Chicago, IL 60607
$120,000,000
$600/SF
Building Size
200,000 SF
Asset Type
Office
Closing
Aug 17, 2020
About this deal
AI
The office property located at 345 N. Morgan St in Chicago has recently been involved in a loan transaction. The loan was provided by Bank OZK, with George G. Gleason representing the lender. The total loan amount for this transaction was $120,000,000. The property has a total square footage of 200,000 and is owned by Sterling Bay.
Summary of transaction details
- Property Type: Office
- Loan Amount: $120,000,000
- Address: 345 N. Morgan St, Chicago
- Square Footage: 200,000
- Lender: Bank OZK (represented by George G. Gleason)
- Landlord: Sterling Bay
Andy Gloor and George G. Gleason were involved in this loan transaction. Andy Gloor represents Sterling Bay as the landlord, while George G. Gleason represents Bank OZK as the lender. This deal signifies a significant financial arrangement between the parties involved.
Players
Chicago Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93