Office Midwest

Sterling Bay, J.P. Morgan get $78 million in construction financing for Fulton West Phase II

Fulton_West_Phase_Two-Email

Holliday Fenoglio Fowler, L.P. has secured $78 million in construction financing for the development of Fulton West Phase II, a nine-story, 290,699-square-foot, creative office building in Chicago’s West Loop.

Holliday Fenoglio Fowler, L.P. has secured $78 million in construction financing for the development of Fulton West Phase II, a nine-story, 290,699-square-foot, creative office building in Chicago’s West Loop.

The firm worked on behalf of the developer, a partnership comprising Sterling Bay and institutional investors advised by J.P. Morgan Asset Management, to place the construction loan with Bank of America.

Upon completion in 2017, Fulton West Phase II will feature 261,129 square feet of creative office space with 34,000-square-foot to 40,000-square-foot average floor plates, 18,429 square feet of ground floor retail and a 610-stall parking facility.

Nearly half of the building’s rentable square feet is leased to Glassdoor, Skender Construction and Sterling Bay.  The building will offer tenants a 24,000-square-foot landscaped courtyard, a 5,750-square-foot roof deck with views of downtown, more than 11,000 square feet of private balcony opportunities and a secure bike room.

Situated at 1330 West Fulton St., the development has superior access to the entire Chicagoland area being located less than one half of a mile from I-90, I-94 and I-290, Chicago’s primary interstates.

Public transportation is accessible at the nearby Ashland and Lake, and Morgan and Lake “L” stations.  Additionally, shuttle service to the two downtown commuter rail stations will be provided from Fulton West.

The HFF debt placement team representing the borrower was led by senior managing director Michael Kavanau, managing director Tim Joyce and associate director Christopher Knight.