CHICAGO-The Sterling Bay Cos. has revealed it has gained $58.5 million in financing for the redevelopment of 400 S. Jefferson. The company said in December that it is turning the former warehouse here at VanBuren and Jefferson for Sara Lee, which is splitting into two separate public companies.
The 300,000-square-foot building here will house the company’s North American Meats division, and will likely retain the Sara Lee name. The other division for its International Coffee and Tea business has not yet been renamed. The firm is leasing the building for 15 years from Sterling, and bringing about 500 employees to the facility.
Heitman Capital provided funds for Sterling to close the acquisition of the building at the end of February. Bank of America will soon begin funding the construction loan for the redevelopment of the property.
Jeff Cherner with NorthMarq Capital’s Chicago office arranged the financing. He said in a statement that substantial completion of the building will occur near the end of the fourth quarter of 2012. “The building will undergo a complete renovation, including new exterior skin and windows, new building systems and a green rooftop deck,” he said.
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