CHICAGO – On behalf of Loyola University Chicago, Newcastle Limited has negotiated a 75-year lease for two parcels of land totaling more than 55,000 square feet at 6474-6500 N. Sheridan Road and 1200-1220 W. Arthur Avenue in Chicago’s Rogers Park neighborhood with real estate developer, McCaffery Interests Inc.McCaffery will develop the first phase of a two-phase $400 million development called Loyola Station on the site owned by Loyola University Chicago. The mixed-use development will consist of residential, retail and parking components, including 10 university-owned residences.“The land lease was the first step in Loyola’s forward-looking master plan to create both a university- and transportation-oriented development on the site,” said Peter Tortorello, vice president at Newcastle Limited. “With its easy access to public transportation and the lakefront, the development will be an appealing option for the University’s growing student and employee population as well as enhancing the entire neighborhood.” he added.
About Newcastle Limited
Newcastle Limited is a Chicago-based real estate investor and advisor serving institutions, corporations and investors. Newcastle acquires urban commercial and multi-family residential properties in the Chicago metropolitan area. An entrepreneurial investor with institutional backing, Newcastle can deploy large amounts of capital and close transactions quickly. More information is available at www.newcastlelimited.com.