Kevin McCarthy, Managing Director in Northmarq’s Chicago Debt + Equity office, arranged the $45 million refinance for Chicago multifamily property Reside on Barry on behalf of Newcastle Investors, a real estate investment management firm that specializes in multifamily in Chicago.
The asset, acquired in 2011 by Newcastle, is a 161-unit high-rise multifamily community located in the Lakeview neighborhood of Chicago. The refinance was highly sought after by multiple lending sources and was ultimately completed through a relationship with PGIM’s real estate business who executed on a 7-year term, FTIO offering the lowest cost-of-capital with a sub 5.25% rate.
Reside on Barry is a 17-story, 1970-vintage apartment community offering redesigned contemporary one-, two-, and three-bedroom residences in Chicago’s vibrant Lakeview neighborhood, featuring hardwood floors, renovated kitchens and bathrooms, designer lighting, and full-service Reside concierge amenities. The property is ideally situated just blocks from Belmont Harbor, within a 20-minute walk of Wrigley Field, and adjacent to Broadway Street’s dense mix of retail, dining, and entertainment.
