(PRWEB) November 20, 2005 -- Newcastle Limited represented Loyola University Chicago in the lease of a half-block development site located within its Water Tower Campus to the Franciscan Sisters of Chicago. Newcastle Limited is a Chicago-based, national real estate advisory and development firm serving tax-exempt institutions, private investors and corporations.
“ Operating costs for aging buildings were eliminated, a long-term source of income for the University was established and the University will enhance its presence at an important location within its Water Tower Campu... ”
Loyola recently demolished two buildings on the 24,864 square foot site, located at the corner of Pearson and Wabash, in the heart of Chicago’s prestigious Gold Coast neighborhood. The Franciscan Sisters entered into a long-term lease with Loyola and will construct a new high-rise on the property. The new 53-story residential tower will become the first luxury continuing care retirement community (CCRC) in downtown Chicago. The mixed-use building will house 271 independent living apartments, 39 assisted living apartments, 15 memory support suites, 36 skilled nursing suites and associated common and support space.
The new tower will also provide Loyola with 35,000 square feet of state-of-the-art space to meet current and future programming on the first, second and lower levels. This transaction will allow Loyola to achieve significant operational cost savings, retire bond debt attached to the older buildings, receive a steady income stream, and retain long-term ownership and control of the site.
“This complex transaction achieved several important goals for Loyola. Operating costs for aging buildings were eliminated, a long-term source of income for the University was established and the University will enhance its presence at an important location within its Water Tower Campus,” said S.L. van der Zanden, Managing Principal of Newcastle Limited.
Recently, Newcastle represented The Art Institute of Chicago in the sale of its Jewelers Row Properties located at 21-29 South Wabash and its White Tower Building at 847 West Jackson. Newcastle also led efforts to establish the new Devon/Sheridan TIF District on behalf of Loyola University and arranged the sale of the Rubens Baby Factory property to DePaul University.
About Newcastle Limited
Chicago-based Newcastle Limited is a national real estate firm serving tax-exempt institutions, private investors and corporations. The firm’s strategic advisory, development and investment services are designed to reduce project risk and maximize asset value. To learn more about Newcastle Limited, visit the company website at www.newcastlelimited.com.
