Northmarq’s Debt + Equity team facilitates $45M refinance of Reside on Barry in Chicago

CHICAGO — Kevin McCarthy, Managing Director in Northmarq’s Chicago Debt + Equity office, arranged the $45 million refinance for 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.

“Investor demand for downtown Chicago has returned in a meaningful way — driven by rising rents, low vacancy, and very limited supply coming online over the next few years,” McCarthy said. “Lenders are chasing high performing assets, in irreplaceable locations with strong sponsors that know the market – this deal checked all the boxes.”

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.