Sterling Bay Refinances Fulton Market Office Tower With $79M DekaBank Loan

Sterling Bay has secured a $79 million refinancing for its 11-story office building at 345 North Morgan Street in Chicago's Fulton Market, replacing a $70 million construction loan from Bank OZK that recently matured. The loan was provided by an entity tied to German lender DekaBank, according to Cook County records cited by Crain's. The refinancing implies a full building valuation of roughly $120 million, above the near-$100 million bids Sterling Bay received when it tried to sell the 197,000-square-foot property in January without an asking price. The building, completed in 2022, was hit by weak post-pandemic office demand and elevated interest rates. It was 94 percent leased earlier in 2026, with supply chain management firm Havi Group holding nearly half the space through March 2039 and $178 million in future contractual rent revenue lined up, the outlet reported. It remains unclear what the refinancing means for Sterling Bay's equity in the property. The deal follows a separate late-July refinancing for 360 North Green Street, a 24-story, 76 percent leased Fulton Market building that secured a three-year, $213 million loan from Barings.