Sterling Bay Secures $79M Loan for Fulton Market Tower
The 11-story office building is 94 percent leased, securing the property's financial position through 2039.
Updated on Oct. 23, 2026 in Commercial
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Sterling Bay has secured a $79 million loan for its 11-story office building at 345 North Morgan Street in Chicago. The new financing replaces a maturing $70 million construction loan held by Bank OZK.
Why it matters
The deal signals continued investor interest in Chicago's Fulton Market office sector, as the 197,000-square-foot property remains highly occupied despite broader market volatility. It secures the building's financial footing through the continued commitment of major tenants like Havi Group.
The 11-story property at 345 North Morgan Street is currently 94 percent leased, with Havi Group holding a lease that runs through March 2039. The project is backed by $178 million in future contractual rent revenue.
The players
Sterling Bay
A prominent Chicago-based real estate developer and investment firm known for transforming the Fulton Market district through large-scale office and mixed-use projects.
Bank OZK
A regional bank that serves as a primary lender for large-scale commercial real estate construction projects across the United States.
Havi Group
A global packaging and supply chain management company that serves as the anchor tenant for the 345 North Morgan Street office building.
DekaBank
A major German institutional investment bank that provides commercial real estate financing for high-value properties.
The details
The transaction involved a venture tied to Sterling Bay paying off maturing construction debt previously provided by Bank OZK. The new capital, provided by an entity linked to DekaBank, stabilizes the 197,000-square-foot office asset completed in 2022. This move follows a period of financial restructuring for the developer, which recently secured $213 million in refinancing for its property at 360 North Green Street.
Timeline
2022: Completion of the 345 North Morgan Street building.
October 23, 2026: News of the $79 million refinancing is reported.
March 2039: Havi Group lease expiration date.
The Home Front
This refinancing marks a continuation of the trend where high-occupancy assets in prime districts successfully secure long-term capital despite wider commercial market challenges. It reflects the ongoing stabilization of Chicago's Fulton Market commercial real estate corridor.
While this news involves large-scale commercial assets, residents in the area may track neighborhood property trends as anchor tenants like Havi Group continue their long-term commitments. Homeowners in surrounding districts should watch local tax assessments, which often respond to the valuation of major neighborhood commercial developments.
The takeaway
Large-scale commercial refinancing can signal long-term stability for neighborhood business hubs. Investors and neighborhood stakeholders often monitor these lease renewals, such as the one signed through 2039 at 345 North Morgan Street, to gauge local economic longevity.
Further reading
For more on local market trends, see Chicago Commercial.
Source note: This article includes information reported by The Real Deal New York.
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