News
QUICK DEAL ON MICHIGAN AVENUE
November 27, 2011
We gave him a day to get settled, but on day two, we checked in with John Buck veteran Kent Swanson at his new gig as CFO for up-and-coming apartment and retail owner Newcastle. And guess what: he's already closed on the ground floor retail at 6 N Michigan Ave. |
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| Kent will be deciding how to deploy the remaining $125M out of a $500M fund with partner Principal Enterprise Capital. He'll also coordinate the debt capital for continued expansion of Newcastle’s portfolio of downtown and neighborhood multifamily and retail property. Newcastle and its Reside Living brand have bought mostly mid-northside and downtown properties, but Kent says he's not opposed to branching out into properties in other areas of Chicago that need physical improvements and solid management. "It's not just about IRR," Kent tells us. "We want to hold these buildings for the long term and give tenants a reason to stay there." | ||
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| Newcastle's latest acquisition, 6 N Michigan, closed just before Thanksgiving and includes a Panera and Starbucks. Newcastle's portfolio of almost 2,000 units in Chicago has grown significantly over the last year. Kent says the investments are attractive because people are tired of the commute from the exurbs and abandoning the idea of owning a home for their first few years out of college. He tells us he's proud to be a part of a company that is still creating a name for itself and someday wants to help Newcastle develop its first building. | ||
