Newcastle Limited secured $41.3 million in construction financing to support development of its mixed-use project at 1210 N. State Parkway in Chicago’s Gold Coast neighborhood. CIBC Bank USA is the loan administrative agent, and First Midwest Bank is a co-lender. Construction will commence this month, with delivery slated for early 2022.
The 12-story project consists of 89 upscale apartments, 18,000 square feet of retail and onsite parking. Newcastle will seek Fitwell Certification for the project.
The project’s retail space will serve neighborhood-friendly retailers such as boutiques, cafés or full-service restaurants. The firm has retained Canvas Real Estate Collective to lease the retail space.
“These are challenging times, but we believe in Chicago and will continue to invest here. This development, and our proposed, re-designed project at 1130 N. State St., demonstrate our commitment to the city and the Gold Coast neighborhood,” said Newcastle CEO Michael Haney.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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