Updated Jul 14, 2025
New York Life Insurance Secures $75M Loan For Park Evanston Apartment Complex
1630 Chicago Avenue
$75,000,000
Units
283
Asset Type
MultiFamily
Closing
Dec 14, 2023
About this deal
AI
New York Life Insurance's investment division has secured a $75 million loan against Evanston's Park Evanston apartment complex located at 1630 Chicago Avenue. The multifamily property consists of 283 units and is situated in the robust Evanston market. The loan, provided by PGIM Real Estate, will be used to refinance the property's existing debt, reducing it from the previous $88 million loan obtained in 2018. This reflects a trend among Chicago-area landlords injecting funds into existing loans to secure new financing amid recent interest rate hikes, highlighting the strong demand in the Evanston multifamily market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $75,000,000
- Units: 283
- Lender: PGIM Real Estate - Cathay Marcus
- Landlord: New York Life Insurance - Craig L. DeSanto
Players
Evanston MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93