Newcastle Limited announced today that it has secured a $79.5 million construction loan to support development of the firm's apartment tower at 845 North State Street in Chicago's Gold Coast neighborhood. JPMorgan Chase is the administrative agent, Fifth Third Bank is the syndication agent, and The Private Bank is a loan participant.
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Site demolition has been completed and construction of the 35-story, 367-unit apartment tower commenced on September 6. The project will offer studio, convertible, one- and two-bedroom apartments, along with 188 parking spaces, indoor and outdoor amenity areas, and 3,300 square feet of street-level retail space. Occupancy is slated for Spring 2015.
"We're very pleased to have earned the support of JPMorgan Chase and Fifth Third Bank, as well as The Private Bank, our long-time banking partner," said Michael Haney, CEO of Newcastle Limited.
Newcastle's development team includes architect Solomon Cordwell Buenz and contractor Power Construction. Upon completion, the property will be leased and managed by Reside Living, Newcastle's multifamily management subsidiary.
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Newcastle Limited is a real estate investment firm that acquires, develops and owns urban retail and multifamily properties in Chicago. An entrepreneurial investor with institutional backing, the firm can deploy large amounts of capital and close transactions quickly. To learn more about Newcastle, call Michael Haney at (312) 252-1401 or visit the company website at www.newcastlelimited.com.
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