Northmarq’s Chicago Debt + Equity team facilitates $11M refinance of The Parker in Park Ridge, IL
Photo source: Newcastle Properties LLC
PARK RIDGE, Ill. — Northmarq’s Chicago Debt + Equity team, led by Kevin McCarthy and Alex Czachor, successfully arranged the $11.262 million refinance of The Parker on behalf of Newcastle Properties LLC, a national real estate investment firm founded in 1989.
The asset, acquired by Newcastle in 2019, is a 46-unit garden-style multifamily community located in the North Shore suburb of Park Ridge, Illinois. The transaction was an internal refinance, retiring the property’s existing Fannie Mae loan at maturity. The new loan was executed through Fannie Mae on a long-term, full-term interest-only structure.
“Lenders are competing strongly for well-located downtown and suburban Chicago multifamily assets given limited supply and strong occupancy trends,” McCarthy said. “With its newer vintage, high-quality unit finishes, and long-term loan request, The Parker checked all the boxes for a Fannie Mae execution.”
Completed in 2016, The Parker is a three-story apartment community offering spacious two-bedroom, two-bathroom residences averaging 1,208 square feet. Units feature quartz countertops, stainless steel appliances, kitchen islands, 9-foot ceilings, fireplaces, in-unit washers and dryers, and private balconies. Community amenities include private garage parking, a fitness center, and a pet-friendly environment.
The property sits steps from a Metra station with direct commuter rail access to downtown Chicago, just minutes from O’Hare International Airport, and close to Park Ridge’s walkable Uptown district.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
