CHICAGO — Chicago-based Newcastle has brokered the sale of a surface parking lot owned by the YMCA of Metropolitan Chicago, as well as an adjacent four-story retail apartment building located at the corner of Chicago Avenue and State Street in Chicago, for $40 million. The building was sold by a third party and contains a retail component. The properties were acquired by Loyola University, which plans to use the combined 61,470-square-foot site for future expansion. Newcastle represented all parties in the transaction.
CHICAGO — Newcastle Ltd. has acquired Belle Plaine Plaza Shopping Center, a 16,000-square-foot retail property located at 4066 N. Milwaukee Ave. in Chicago, for $3.3 million. The center features two single-story retail buildings, which are fully occupied by Dollar Tree, Subway and AthletiCo Physical Therapy. Newcastle acquired the property from Midwest Real Estate Equities on behalf of the firm’s $500 million Chicago investment platform. Midwest was represented in the transaction by Tyler Quast of Zifkin Realty & Development.
CHICAGO — Chicago-based Newcastle Ltd. has acquired the historic Belmont House, a 269-unit apartment tower located at 3170 N. Sheridan Rd. in the Lakeview neighborhood of Chicago, for $56 million. The 13-story, 315,000-square-foot building also contains 9,000 square feet of retail. The property was acquired by Newcastle from Wexenthaller Realty Management on behalf of the firm’s $500 million Chicago investment platform. The Belmont acquisition was part of an 896-unit, seven-property portfolio purchase from Wexenthaller; the other six buildings should close in the next 30 days. Newcastle was represented by The Kiser Group.
CHICAGO — Chicago-based Newcastle Ltd. has acquired a three-story multifamily building, located at 2200 N. Clark St. in the Lincoln Park neighborhood of Chicago, for $8 million. The 29,546-square-foot building features 28 loft-style apartments and six commercial spaces. The property was acquired by Newcastle on behalf of the firm’s $500 million investment platform. Kiser Group represented the undisclosed seller.
SAN MARCOS, TEXAS — Z Modular has received a $62.3 million bridge loan for the refinancing of Flatz 512, a 384-unit multifamily property located roughly midway between Austin and San Antonio in San Marcos. A partnership between New York-based Castle Lanterra and global investment management firm InterVest Capital Partners provided the loan. The newly constructed property offers studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations.
OSAGE BEACH, MO. — X Caliber Capital Holdings LLC has structured a $285 million Rural PACE-X financing for the ground-up construction and redevelopment of the Oasis at Lakeport in Osage Beach. The resort and entertainment project has a total cost of $495 million. Plans call for a Marriott hotel with 402 rooms, a conference center, indoor waterpark, amusement park and various amenities. The $285 million financing consists of $220 million of conventional senior-secured debt through an affiliate of X-Caliber Rural Capital, XRL-ALC LLC, and $65 million of Commercial Property Assessed Clean Energy (C-PACE) financing through CastleGreen Finance. The financing marks X-Caliber’s largest Rural PACE-X transaction closed to date since the product launched in late 2024. Rural PACE-X is a proprietary financing solution that provides high-leverage financing for ground-up construction projects in micro-rural areas. The C-PACE financing is the largest to date for the state of Missouri and for CastleGreen Finance, according to X-Caliber. Gregg Delany, Ken Lorman and Gabe Mashaal of X-Caliber Advisors originated and structured the financing on behalf of Tegethoff Development Co. The project’s energy-efficiency design is estimated to save around $11 million in costs over the lifetime of the improvements. The Oasis at Lakeport is expected to …
CHESAPEAKE, VA. — Chapel Hill, N.C.-based Prudent Growth Partners has acquired Castle Shops, a 37,309-square-foot retail strip center located in Chesapeake, for $5.4 million. Dollar Tree anchors the two-building property, which was fully leased at the time of sale. Additional tenants include CHKD Thrift Store, Boost Mobile and Liberty Tax. Jeff Fritz and Jay O’Donnell of Colliers represented the seller in the transaction. George Fox, also with Colliers, served as the leasing agent at Castle Shops.
NEW YORK CITY — Marcus & Millichap has brokered the $7.5 million sale of an 83-unit apartment building in the Westchester Square area of The Bronx. The six-story, elevator-served building at 1776 Castle Hill Ave. was constructed in 1936 and houses 15 studios, 54 one-bedroom units, 13 two-bedroom apartments and one three-bedroom residence. Benjamin Myerow, Seth Glasser and Michael Fusco of Marcus & Millichap represented the seller, a local family, and procured the buyer, a 1031 exchange investor, in the transaction. Both parties requested anonymity.
LOS ANGELES — Sonnenblick-Eichner Co. has arranged $126.1 million in first mortgage debt for Pacifica Hotels to refinance a portfolio of seven hotels in Southern California. The three- and five-year fixed-rate loans were funded by a Wall Street investment bank and an insurance company. Totaling 601 rooms, the portfolio includes The Wayfarer San Diego; Sandcastle Hotel on the Beach, Spyglass Inn and Cottage Inn by the Sea in Pismo Beach; Inn at Venice Beach, The Kinney Venice Beach in Venice; and The Belamar Hotel, a Tapestry Collection by Hilton, in Manhattan Beach.
GOODYEAR, ARIZ. — CBRE has negotiated the sales of two adjacent single-tenant ground lease properties at 1420 and 1460 N. Bullard Ave. in Goodyear. Two separate West Coast-based private capital exchange buyers acquired the assets for a combined total of $6.7 million. Benjamin Farthing and Owen Littrell of CBRE represented the seller, Tradecor Partners Goodyear LLC, in the transactions. Bubba’s 33 is located at 1460 N. Bullard Ave. and features a brand new 15-year absolute triple-net ground lease on a 1.7-acre parcel. The property sold for $3.5 million. Located at 1420 N. Bullard Ave., the double drive-through White Castle on a 1-acre parcel sold for $3.2 million.