Chicago, IL (September 19, 2022)
Sterling Bay announced the closing of construction financing for 225 N Elizabeth, a new multifamily development in Chicago’s Fulton Market District. Construction on the project began earlier in the week.
The development will include 350 residential units, with 20% designated as affordable housing.
“Fulton Market is one of the nation’s preeminent submarkets and Sterling Bay is incredibly excited to continue facilitating growth in this vibrant neighborhood,” said Andy Gloor, CEO of Sterling Bay. “As businesses and startups continue to move their operations to Fulton Market, the neighborhood increasingly needs multifamily properties that can accommodate the needs of a growing workforce.”
The project is being developed in partnership with Ascentris, a Denver-based real estate private equity firm.
In addition to residential units, the development will include:
- 9,000 square feet of retail space
- 95 parking spaces
- Indoor and outdoor amenities located on the third and top floors
The 28-story tower will add another major residential development to Sterling Bay’s expanding Fulton Market portfolio.
“Ascentris is incredibly excited to partner with Sterling Bay in developing 225 N Elizabeth, a project that will serve as a great addition to Fulton Market and its growing residential population,” said Denis Curran, Managing Director at Ascentris. “This project represents the partnership’s second multifamily development in the neighborhood.”
The capital stack for the project includes financing from Citizens and First Midwest Bank.
“Providing financing for developments such as 225 N Elizabeth, which we believe will help meet the high demand for multifamily housing in Fulton Market, is one of the ways that Citizens adds value for its clients and communities,” said Matt Adams, Senior Vice President at Citizens.
Sterling Bay has also assembled a project team that includes:
- McHugh Construction as general contractor
- Hartshorne Plunkard as lead architect
Construction will include significant participation from minority- and women-owned contracting firms.
Completion of 225 N Elizabeth is expected in Q2 2024.
About Sterling Bay
Sterling Bay is an experience-driven real estate company focused on transforming spaces, industries and communities across the United States.
The firm is known for developing innovative workplaces and mixed-use environments for companies including Google, McDonald’s, WPP, Pinterest, Dyson and Tyson Foods.
Sterling Bay employs more than 185 professionals, manages a portfolio exceeding $5 billion, and maintains a development pipeline of more than $20 billion.
About Ascentris
Ascentris is a real estate private equity firm focused on value-add investing in transitional and generational real estate across major property types and markets throughout the United States.
Since 2003, Ascentris has managed institutional capital through a series of investment vehicles designed to provide investors access to opportunities ahead of the market while maintaining high standards of service, accountability and transparency. Ascentris is a privately held and management-owned SEC-registered investment adviser committed to putting its investors’ needs first.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the largest financial institutions in the United States, with $226.7 billion in assets as of June 30, 2022.
Headquartered in Providence, Rhode Island, Citizens provides retail and commercial banking services to individuals, businesses and institutions. Its consumer banking platform includes mobile and online banking, a nationwide ATM network and more than 1,200 branches across 14 states and Washington, D.C.
Citizens also provides commercial banking services including lending, treasury management, foreign exchange, capital markets solutions and merger and acquisition advisory. More information is available at www.citizensbank.com
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