ACORE has financed a $33.2 million loan for Sterling Bay’s purchase and renovation plans of a medical research building in Chicago, according to Commercial Observer.
The loan from the debt fund finances Sterling Bay’s acquisition of 2430 North Halsted Street, a 120,000-square-foot research facility in the city’s Lincoln Park neighborhood. The Chicago-based asset manager picked up the facility from Ann & Robert H. Lurie Children’s Hospital.
“There is a shortage of high-quality lab space that is available for lease in the Chicago area, so when Sterling Bay came to us with this opportunity, we jumped on it,” said Lance Wright, ACORE managing director, in the Commercial Observer article. “2430 North Halsted is in an excellent location in Chicago’s Lincoln Park, and we are confident Sterling Bay will be successful in executing its business plan of redeveloping the property and leasing it up.”
Sterling Bay will lease the building back to the children’s hospital.
