Sterling Bay completes deal for massive Finkl Steel site (US)

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Real estate developer Sterling Bay has wrapped up its long-expected purchase of the former A. Finkl & Sons steel property, taking a major step toward what could be one of the largest North Side real estate developments in generations. Chicago-based Sterling Bay and its investment partner in the deal, Dallas-based private equity firm Lone Star Funds, completed the acquisition of the demolished steel plant in Lincoln Park last week, according to people familiar with the deal. An exact price could not yet be found in Cook County property records, but it is believed to be well above $100 million. The approximately 22-acre site is along Cortland Street and the eastern edge of the Chicago River.  Completion of the deal comes more than a year after Crain’s first reported Sterling Bay had an agreement to buy the site. At the time, Lone Star’s involvement in the deal was not known. Sterling Bay Principal Chang Lee did not return calls and a Lone Star spokeswoman declined to comment

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http://www.chicagobusiness.com/realestate/20161209/CRED03/161209827/sterling-bay-completes-deal-for-massive-finkl-steel-site

 

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