FINANCED
New York Life Insurance Secures $75M Loan For Park Evanston Apartment Complex
1630 Chicago Avenue
MultiFamily
Financed 150 days ago
Summary
Loan
ILLINOIS
MultiFamily
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
Details
FINANCED
IMAGE: Craig L. DeSanto & Cathay Marcus
DATE: 12/14/2023
ADDRESS: 1630 Chicago Avenue
MARKET: Evanston
ASSET TYPE: Multifamily ~ UNITS: 283
LENDER: PGIM Real Estate (@PGIM) - Cathay Marcus
LANDLORD: New York Life Insurance (@NewYorkLife) - Craig L. DeSanto
LOAN AMOUNT: $75,000,000
LOAN TYPE: Refinance
NOTE: New York Life Insurance's investment division has secured a $75 million loan against Evanston's Park Evanston apartment complex, reducing its debt from the previous $88 million loan in 2018. This reflects a broader trend among Chicago-area landlords injecting funds into existing loans to secure new financing amid recent interest rate hikes, emphasizing the robust demand in the Evanston multifamily market.View on map
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Address1630 Chicago Avenue
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