Sterling Bay Secures $8.3M Loan for 626 W. Jackson

Sterling Bay Cos., a real estate investment and development company, secured $8.3 million in first mortgage financing for its fully leased office building at 626 W. Jackson Blvd. in Chicago.

Jeff Cherner and Rup Patel of NorthMarq Capital arranged the loan through their relationship with First Merit Bank. It is based on a five-year term and 25-year amortization schedule.

Built in 1920, the eight-story, 107,977-square-foot office loft building was acquired by Sterling Bay in late 2007 for $7.8 million, according to CoStar information. Since purchasing the property, the owner thoroughly renovated the building, which is now fully leased.