Brennan Hitpas Of Newcastle Investors Secures $45 Million Refinance Loan From PGIM For 161-Unit Multifamily

The asset involved in this transaction is a 161-unit multifamily apartment building known as Reside on Barry, located at 533 West Barry Avenue in the Lakeview neighborhood of Chicago. The property is a 17-story building that Newcastle Investors acquired for $33 million in 2011. The recent refinancing loan amount secured by Newcastle is $45 million from PGIM, intended to replace earlier debt on the property. The refinancing is part of a strategic maneuver by Newcastle amid challenging market conditions for new apartment construction in Chicago.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $45,000,000
• Loan Type: Refinance
• Loan Terms: seven-year
• Lender: PGIM
• Landlord: Brennan Hitpas - Newcastle Investors
• Broker: Kevin McCarthy - NorthMarq
• Units: 161
• Address: 533 West Barry Avenue
• Market: Chicago

The deal is represented by broker Kevin McCarthy from NorthMarq, who facilitated the refinancing process for Newcastle Investors, led by landlord Brennan Hitpas. This transaction marks a significant financial adjustment for the ownership of the building following Newcastle's exit from a Gold Coast redevelopment project at a considerable loss.