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July 20, 2020, 6:00 a.m. EDT

Monroe Capital Opportunistic Private Credit Group Provides Financing for Sterling Bay and Magellan Development Group’s Mixed-Use Tower Development on Michigan Avenue in Chicago

Monroe Capital LLC (“Monroe”) today announced its Opportunistic Private Credit group closed on a $24.5 million mezzanine loan for the development of 300 N. Michigan Avenue in Chicago, Illinois. Monroe partnered with Pearlmark on the transaction. The Sponsor is a JV between Sterling Bay and Magellan Development Group, two of the most prominent developers in Chicago.

Located between the City’s Riverwalk and Millennium Park, 300 North Michigan Avenue is a $250 million, 47-story, mixed-use development that will contain 289 residential units, 25,000 square feet of flagship retail and 280 hotel rooms presold to citizenM.

“We are appreciative of Monroe and Pearlmark’s efforts to close on a complex transaction during an extremely challenging time,” said Andy Gloor, CEO of Sterling Bay. “Monroe and Pearlmark were able to mobilize quickly with their real estate and structuring expertise to get the transaction closed efficiently.”

“We are excited to partner with Sterling Bay and Magellan, two world-class developers, on a project that will be an iconic addition to the Downtown Chicago Loop,” added Ted Koenig, President and CEO of Monroe Capital. “We are also pleased to partner with Pearlmark as a co-lender on this transaction.”

This transaction is representative of Monroe Capital’s Real Estate Finance vertical within the Opportunistic Private Credit group. The vertical focuses on complex and special situation structured debt and equity financings covering all asset types and geographies. The team has a broad investment mandate, flexible capital and prides itself not only on its “bottoms up” real estate expertise but also on its ability to move quickly and efficiently and provide certainty of execution. For over 17 years, the firm has been investing in asset-backed transactions with attractive collateral, as well as cash flow and enterprise value based loans.

About Monroe Capital

Monroe Capital LLC (“Monroe”) is a private credit asset management firm specializing in direct lending and opportunistic private credit investing. Since 2004, the firm has provided private credit solutions to borrowers in the U.S. and Canada. Monroe’s middle market lending platform provides debt financing to businesses, special situation borrowers, and private equity sponsors. Investment types include cash flow, enterprise value and asset-based loans; unitranche financings; and equity co-investments. Monroe is committed to being a value-added and user-friendly partner to business owners, senior management, and private equity and independent sponsors. The firm is headquartered in Chicago and maintains offices in Atlanta, Boston, Los Angeles, New York, and San Francisco.

Monroe has been recognized by Creditflux as the 2019 Best US Direct Lending Fund; Private Debt Investor as the 2018 Lower Mid-Market Lender of the Year; Global M&A Network as the 2018 Small Middle Markets Lender of the Year; M&A Advisor as the 2016 Lender Firm of the Year; and the U.S. Small Business Administration as the 2015 Small Business Investment Company (SBIC) of the Year. For more information, please visit www.monroecap.com .

View source version on businesswire.com: https://www.businesswire.com/news/home/20200720005181/en/

SOURCE: Monroe Capital LLC

Theodore L. Koenig
Monroe Capital LLC
tkoenig@monroecap.com Caroline Collins
BackBay Communications


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