CHICAGO, IL--(Marketwire - Aug 25, 2011) - Newcastle Limited has acquired 425 West Belmont, a 29-unit apartment building with parking in the Lakeview neighborhood, in an all-cash deal for $4.1 million. Newcastle purchased the property on behalf of the firm's $500 million Chicago real estate investment platform. Dan Cohen and John Jaeger of CBRE represented Newcastle in the transaction.
425 West Belmont is located in the densely populated and affluent Lakeview neighborhood and is adjacent to The Belmont, the largest multi-family asset in Newcastle's portfolio. Newcastle will undertake a complete renovation of the property, delivering new studio, one-, two-, three- and four-bedroom apartments. Proximity to public transportation, Belmont Harbor and the lakefront, as well as to nearby retail, restaurants and nightlife, make 425 West Belmont attractive to area renters.
"Our acquisition of this property helped the former lender liquidate its position with this asset, and brought another great property into our growing portfolio," said Michael R. Haney, president and CEO of Newcastle Limited. "As an all-cash buyer, we offer lenders that have foreclosed on properties the certainty of a quick close."
Newcastle Limited is a Chicago-based real estate advisory and investment firm serving institutions, corporations and investors. The firm helps clients use real estate strategically to achieve overall mission objectives more quickly, at a lower cost, and with less risk. Using its $500 million investment platform, Newcastle acquires urban Chicago real estate, including multi-family, retail, mixed-use and other commercial assets. An entrepreneurial investor with institutional backing, Newcastle can deploy large amounts of capital and close transactions quickly. To learn more about Newcastle, call Mike Haney at (312) 252-1401 or visit the company website at www.newcastlelimited.com.
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