Finance N Illinois

JLL arranges $84M refi loan for Sterling Bay development in Fulton Market

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JLL Capital Markets successfully arranged a refinancing on behalf of Sterling Bay and institutional investors advised by J.P. Morgan Asset Management for 210 N. Carpenter, a 12-story, 206,000-square-foot office building. Bank of America provided the $84 million loan for the recently completed property in the heart of Chicago’s Fulton Market district.

“The current lending market is extremely aggressive, especially for top tier sponsors with market leading assets like 210 N. Carpenter. The competition for this financing was intense, enabling sponsorship to lower their cost of capital, while providing long-term flexibility,” said JLL managing director Keith Largay, who arranged the financing  along with senior vice president Brian Walsh and associate Patrick Healy.

Fulton Market pioneer Sterling Bay is the developer behind 210 N Carpenter and Chicago-based Solomon Cordwell Buenz led the design. Leopardo, who was one of the building’s first tenants, completed construction on the building earlier this year. In October, tech giant Google also announced it will grow its Chicago presence to more than 1,000 employees with plans to begin moving workers into seven floors of 210 N. Carpenter in the fall.

“210 N. Carpenter is a transformative office development that offers top to bottom best-in-class amenities,” Walsh said. “These qualitative factors, combined with stable long-term cash flow secured by industry-dominant tenancy, made this particularly attractive to the lending community.”

Steps away from the Morgan and Lake Street ‘L’ station, 210 N. Carpenter is ideally located in the center of Fulton Market. With its modern design, the property offers tenants one of the most comprehensive amenity packages in the market, including a rooftop lap pool, tenant lounge and gaming area, full-service fitness center and locker rooms, a programmed yoga room, conference facilities and on-site parking.