Updated Oct 7, 2026
Newcastle Investors Secures $24.7 Million Refinance Loan For 93-Unit Multifamily Property In Chicago
1241 West Jackson Boulevard & 1245 West Jackson Boulevard
$24,700,000
Units
93
Asset Type
MultiFamily
Closing
Oct 6, 2026
About this deal
AI
A refinancing transaction took place involving a multifamily property consisting of 93 units located at 1241 and 1245 West Jackson Boulevard in Chicago, IL. The loan amount involved in this transaction was $24,700,000, facilitated under a five-year loan term.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $24,700,000
- Loan Type: Refinance
- Loan Terms: 5-year
- Lender: Peter Akwaboah - Fannie Mae
- Landlord: Brennan Hitpas - Newcastle Investors
- Broker: Kevin McCarthy - NorthMarq
NorthMarq arranged the refinancing for the property on behalf of Newcastle Investors. The loan was processed through NorthMarq’s in-house Fannie Mae DUS platform, indicating a fixed-rate permanent loan structure aimed at providing long-term capital stability for the asset.
On the Map
$24,700,000
MultiFamily
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Players
Jackson 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
0.64%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93