JLL has arranged a $45.7 million construction financing and a $9.9 million mezzanine financing for Park5 Luxury Rental Townhomes, a 144-unit core BTR development located at 5 Parkway N in Deerfield, Illinois.
JLL worked on behalf of the borrower, VennPoint Real Estate, to secure the senior construction financing through Bank OZK and the mezzanine financing through a blue-chip insurance company. JLL Americas Land & Development Services also consulted on selling the land for $10.2 million on behalf of seller Quadrangle.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Matthew Schoenfeldt and Director Mary Dooley. JLL Americas Land & Development Services assisting with the sale of the land was spearheaded by Managing Director Dan Reynolds along with agency leasing Managing Director Chris Cummins.
Located just west of I-94 in Deerfield, Park5 will offer two- and three-bedroom townhomes averaging 1,953 square feet with two-car attached garages. The development is strategically positioned to provide easy access to I-94, downtown Chicago and O’Hare International Airport.
The post JLL Secures $55M for Luxury Townhomes in Deerfield appeared first on Connect CRE.
​Â
