Sterling Bay snags $182M construction loan for office project

Wells Fargo provides financing for 333 North Green Street

Apr.April 20, 2018 03:00 PM

Andy Gloor with 330 & 333 North Green Street (Credit: Sterling Bay)

Sterling Bay, one of the West Loop’s most active developers, obtained a $181.5 million construction loan from Wells Fargo for a 19-story office project at 333 North Green Street. The loan closed April 11, according to county records filed Friday.

Plans call for two towers — a 19-story building with first-floor retail at 333 North Green Street and a 20-story building across the street at 330 North Green Street. They will stand on the former Coyne College campus and parking lot. Sterling Bay acquired the properties in 2016 for $25 million.

The design for the project has undergone several changes over last year. Renderings obtained by DNAinfo in September showed an initial plan of a single 24-story office building, designed by architecture firm Gensler.

The Chicago Planning Commission gave the go-ahead to both buildings in February, but no permit applications have been filed as of yet with the Department of Buildings.

Sterling Bay, led by Andy Gloor, has two other ongoing projects in the West Loop. Zoning applications have been filed for a 21-story office building at 360 North Green Street and a movie theater and parking garage at 345 North Morgan Street.

Sterling Bay, Wells Fargo and Gensler did not immediately respond to requests for comment.

Adam Pincus and Scott Klocksin contributed reporting.

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