Newcastle Lands $45M Refi for Chicago Community

Newcastle Investors has obtained a $45 million refinancing loan for Reside on Barry, a 161-unit community in Chicago. Northmarq Managing Director Kevin McCarthy arranged the note.

PGIM Real Estate provided the 7-year, full-term interest-only loan. Previous financing included two CMBS notes totaling $25.6 million, both from Citibank and originated by Wells Fargo, according to Yardi Matrix information.

Newcastle Investors acquired the asset back in June 2011. The company paid $33.2 million—about $204,940 per unit—for the community to a private individual, the same data provider shows.

Located at 533 W. Barry Ave., the property is close to multiple dining options and less than 16 miles from Chicago O’Hare International Airport. Downtown Chicago is about 6 miles south.

Completed in 1970, the 17-story building comprises one-, two- and three-bedroom floorplans ranging from 650 to 1,000 square feet and has walk-in closets. A total of 50 units are designated as affordable.

Common-area amenities include a fitness center, laundry facilities, a resident patio with grills, lounge space and garden, along with a clubroom. The community also has a picnic area and more than 250 parking spaces.

Loan originations increase for residential assets

Multifamily loan originations rose 22 percent year-over-year at the end of 2025, according to a Mortgage Bankers Association report, in line with several multifamily market predictions pointing to improving capital markets conditions. On a quarterly basis, this figure rose only 17 percent in the fourth quarter of last year.

Even so, lending momentum has continued to rebuild, with originations trending higher as borrowers and lenders adjust to a more stable pricing and rate environment. Last month, CLK Properties refinanced a 918-unit community in Des Plaines, Ill., with a $115 million Freddie Mac note.