Monroe Capital’s opportunistic private credit group closed on a $24.5 million mezzanine loan for the development of 300 N. Michigan Avenue in Chicago. Monroe partnered with Pearlmark on the transaction. The sponsor is a joint venture between Sterling Bay and Magellan Development Group.
Located between the City’s Riverwalk and Millennium Park, 300 North Michigan Ave. is a $250 million, 47-story, mixed-use development that will contain 289 residential units, 25,000 square feet of retail space and 280 hotel rooms presold to citizens.
“We are appreciative of Monroe and Pearlmark’s efforts to close on a complex transaction during an extremely challenging time,” Andy Gloor, CEO of Sterling Bay, said. “Monroe and Pearlmark were able to mobilize quickly with their real estate and structuring expertise to get the transaction closed efficiently.”
“We are excited to partner with Sterling Bay and Magellan, two world-class developers, on a project that will be an iconic addition to the Downtown Chicago Loop,” Ted Koenig, president and CEO of Monroe Capital, said. “We are also pleased to partner with Pearlmark as a co-lender on this transaction.”
Monroe Capital’s opportunistic private credit group focuses on complex and special situation structured debt and equity financings covering all asset types and geographies.
Monroe Capital is a private credit asset management firm specializing in direct lending and opportunistic private credit investing.
