CHICAGO – Newcastle Limited announced the closing of two loans with a combined balance of $26.9 million for the refinancing of 707 North Sheridan Road and 532 West Roscoe in Chicago. The existing CMBS loans were prepaid via defeasance, and the firm secured a new 30-year loan with JPMorgan’s Long Term Credit Group.
707 North Sheridan Road and 532 West Roscoe are mid-rise apartment buildings located in Chicago’s popular Lakeview neighborhood. Over the past several years, Newcastle has transformed these assets by addressing deferred capital improvements, completing the renovation of all apartments and common areas, and making other investments that improve the resident experience. These assets now secure the highest rental rates in their respective local submarkets.
“We continuously assess the value of the properties in our portfolio and work to refinance underleveraged assets,” stated Kent Swanson, CFO of Newcastle Limited. “The current interest rate environment is very attractive and our urban portfolio is in demand from investors and lenders. As a result, we have been able to complete $200 million in loan transactions in 2013.”
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.