CHICAGO, IL – Newcastle Limited announced today that it has secured a $115.0 permanent loan on State & Chestnut, a recently completed 35-story, 367-unit residential high-rise development located at 845 North State Street in Chicago’s Gold Coast neighborhood. JPMorgan Chase is the lender for the new loan.
State & Chestnut is a new rental residence that has set the bar for high-rise living in Chicago. The property offers a mix of studio, convertible, and one- and two-bedroom apartments. Community amenities include a 24/7 concierge team; a state-of-the-art fitness center complete with a yoga room; an 8,000 square foot, fully landscaped year-round terrace with outdoor grills and dining areas; a dedicated dog walk area; and, a roof top pool and deck on the 35th floor. The property opened in June of this year and is currently 70% leased.
“We’re very pleased to have the continued support of JPMorgan Chase, who was the administrative agent on the project’s construction loan and has worked successfully with our firm on financing numerous properties in our portfolio,” said Kent Swanson, CFO of Newcastle Limited.
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, CEO, at (312) 252-1401 or visit the company website at www.newcastlelimited.com.