Lakeview apartment gets $45M refi
Newcastle closed a $45 million refinancing on the 161‑unit Reside on Barry in Lakeview with a seven‑year PGIM loan—evidence lenders still finance stabilized Chicago multifamily reported. The deal follows a nearby redevelopment failure, so execution and lender relationships clearly mattered.
Newcastle sold the Gold Coast development site at 1120–1130 N. State St. to Convexity Properties for $39 million, a sharp markdown from the $61 million Newcastle paid in 2019. therealdeal.com Reside on Barry’s apartments advertise one‑ to three‑bed layouts from roughly 612–972 square feet, with market listings showing one‑bed starts near $2,379 and Lakeview’s average rent at about $2,164. apartments.com Chicago multifamily fundamentals remain tight: CoStar data cited in market write‑ups showed vacancy around 4.7% and year‑over‑year rent growth near 3–3.5% in late 2025, metrics that underwrite refinancing activity across the city. creconsult.net Public records and reporting show Newcastle originally acquired the Barry property in 2011 for $33 million with a $20 million Wells Fargo loan, and the latest financing was arranged by Northmarq, underlining how sponsor history and broker relationships factor into Chicago deal execution. therealdeal.com
