A JPMorgan Asset Management fund and Chicago developer Sterling Bay have landed a $213 million refinancing for 360 North Green Street, a 24-story, 500,000-square-foot office tower in the city’s Fulton Market neighborhood, according to Bloomberg. The three-year loan, issued by lender Barings, retires an earlier construction loan and arrives as capital markets watch closely for signs of which Chicago office assets can still clear financing.
The new loan closed last week and was arranged through JLL Capital Markets on behalf of Sterling Bay and its JPMorgan Asset Management partner, the tower’s co-owners, Bloomberg reported. It replaces a roughly $206 million construction loan that Bank OZK had originated for the project. That loan matured in 2025, but Bank OZK agreed to extend the maturity date to July 2026, giving the ownership group time to line up permanent financing ahead of this refinancing.
Completed in 2024, 360 North Green sits in Fulton Market, the former industrial corridor west of the Loop that has become one of Chicago’s most in-demand office and life-sciences submarkets over the past decade. The building includes a 5,000-square-foot rooftop deck, a fitness center and a half-acre park on site, and is currently 76% leased.
Sterling Bay has been among Fulton Market’s most prolific developers, building out a cluster of office towers along Green Street that helped transform the neighborhood from meatpacking warehouses into a corporate hub. The 360 North Green refinancing extends a longstanding partnership between the developer and the JPMorgan-managed fund, which has backed multiple Sterling Bay projects in the submarket.
The refinancing lands amid a broader, bifurcated recovery in downtown Chicago’s office market. Brokerage reports have tracked historically high vacancy across the central business district for much of the past several years, driven largely by older buildings losing tenants to newer, amenity-rich towers, even as several 2026 reports have pointed to early signs of stabilization, including a pickup in leasing activity in top-tier buildings. Fulton Market, buoyed by tech, life-sciences and corporate-headquarters tenants, has generally outperformed the wider downtown market on occupancy throughout that stretch.
At $213 million, the deal is large enough to register as a meaningful vote of confidence from institutional lenders in a specific, newly built asset, even as office financing broadly remains far more selective than it was before 2022. RealtyWire has tracked a broader pullback-then-partial-recovery in bank commercial real estate lending through 2026, and large office loans of this size, such as BXP’s $1.2 billion construction loan for its 343 Madison Avenue tower in New York, have tended to go to newer or premium buildings with strong leasing rather than older, undifferentiated office stock.
What it means: The verified facts here are narrow but firm: a $213 million, three-year loan from Barings, arranged by JLL Capital Markets, refinanced Bank OZK’s construction debt on a 76%-leased, 2024-vintage tower in Fulton Market, per Bloomberg’s reporting. Bloomberg’s own framing goes further, characterizing the deal as evidence of a widening split in Chicago’s office market between high-end buildings that can still attract capital and older or less-leased properties that cannot; that characterization is Bloomberg’s, not an independent RealtyWire finding, and this single transaction shouldn’t be read as a verdict on the entire Chicago office market. What RealtyWire can say with more confidence is that this loan fits a pattern already visible elsewhere: newer, well-amenitized, well-located towers with credible leasing are the properties clearing refinancing at scale in 2026, while the fate of older Class B and C office buildings, in Chicago and nationally, remains far less certain. Investors watching the commercial real estate sector for signs of an office-lending thaw should treat this deal as a data point specific to trophy Fulton Market assets rather than a broader all-clear signal.
