Newcastle Limited secured $41.3 million in construction financing to support development of the firm’s mixed-use project at 1210 N. State Parkway in Chicago’s Gold Coast neighborhood. CIBC Bank USA is the loan administrative agent, and First Midwest Bank is a co-lender. Construction will commence this month, and delivery is slated for early 2022.
The 12-story project consists of 89 upscale apartments, 18,000 square feet of retail space and on-site parking. The apartments include studio, one- and two-bedroom homes with premium finishes and high-end amenities, with 70 percent of the units featuring private balconies or terraces.
Shared amenities include two large outdoor gathering areas, a private club room, fitness center, dog run and pet space. The project is designed with residents’ health and well-being in mind, including touchless bathroom fixtures in common areas, bio-polar ionization filtering and HVAC modifications. Newcastle will seek Fitwell Certification for the project, which integrates science-based strategies to optimize health within buildings.
The project’s retail space will serve neighborhood-friendly retailers such as boutiques, cafés or full-service restaurants. The firm has retained Canvas Real Estate Collective to lease the retail space.
“These are challenging times, but we believe in Chicago and will continue to invest here. This development, and our proposed, re-designed project at 1130 N. State Street, demonstrate our commitment to the city and the Gold Coast neighborhood,” said Michael Haney, CEO of Newcastle Limited.
The development team includes architect CallisonRTKL and general contractor Power Construction. Upon completion, the property will be leased and managed by Reside Living, Newcastle’s multifamily management subsidiary.