Northmarq Facilitates $11M Refinance of Park Ridge Multifamily

Northmarq’s Chicago Debt + Equity team, led by Kevin McCarthy and Alex Czachor, successfully arranged the $11.26 million refinance of The Parker on behalf of Newcastle Properties LLC, a national real estate investment firm founded in 1989.

The asset, acquired by Newcastle in 2019, is a 46-unit garden-style multifamily community located in the North Shore suburb of Park Ridge, Illinois. The transaction was an internal refinance, retiring the property’s existing Fannie Mae loan at maturity. The new loan was executed through Fannie Mae on a long-term, full-term interest-only structure. “Lenders are competing strongly for well-located downtown and suburban Chicago multifamily assets given limited supply and strong occupancy trends,” McCarthy said.

Completed in 2016, The Parker is a three-story apartment community offering spacious two-bedroom, two-bathroom residences averaging 1,208 square feet. The property sits steps from a Metra station with direct commuter rail access to downtown Chicago, just minutes from O’Hare International Airport, and close to Park Ridge’s walkable Uptown district.

Join us for the Connect Midwest Multifamily conference on the afternoon of Tuesday, June 8, 2027, at Joe’s Live in Rosemont, Illinois.