A joint venture between Tucker Development and Wingspan Development Group announced it has closed on $100M in construction financing for The Henry at Harms Woods, a new mixed-use development in Skokie, Illinois. The financing was provided by Kennedy Wilson and a national insurance concern.
The first new-construction Class A rental property to be developed in the area in more than a decade, The Henry at Harms Woods will include 245 luxury apartments, 49 rental townhomes and approximately 10,000 square feet of commercial space. It is the first joint venture project between Tucker and Wingspan and will build on both companies’ expertise in developing and constructing Class A suburban communities in the Chicagoland area, as well as nationwide.
“Given the constrained lending environment, the lenders demonstrated confidence in this project and all involved parties,” said Aaron Tucker, president and chief investment officer for Tucker. “Through our existing relationships with the lenders, we established a strategy for this highly desirable location at attractive yields allowing us to complete the financing. Kennedy Wilson stepped up with a very competitive senior debt package and our insurance partner put forward an attractive mezzanine tranche.”
The building, located just west of Interstate 94 and the North Shore’s preeminent shopping destination Westfield Old Orchard, was designed by HKM Architects + Planners and will be built by Nicholas & Associates. Demolition of an existing office structure is scheduled for this winter, while construction on the project is planned to start in the spring.
“We’ve assembled a very strong team for this project, including the general contractor, which has completed a number of successful Wingspan communities, so we’ve already baked some efficiencies into our construction process,” said Nick Papanicholas, Jr., president of Wingspan. “That fact, along with the robust fundamentals for luxury rental communities in desirable locations such as this one, instilled certainty in our lending partners that The Henry at Harms Woods will be an exciting and attractive residential option for North Shore residents.”
Upon completion, The Henry at Harms Woods will offer studio, one-, two- and three-bedroom units, as well as three-story townhomes and ground-floor commercial and retail space. Community amenities will include an expansive courtyard with swimming pool and sun deck, lounge and grilling areas; a fully appointed fitness center; and designated coworking stations.
Neighborhood attractions include the 350-acre Harms Woods Nature Preserve, a 108,000-square-foot Life Time gym located across the street and the regionally dominant upscale Westfield Old Orchard shopping mall just a half-mile away. The site is a one-minute drive to Interstate 94, providing easy access to downtown Chicago and the northern suburbs.
“With a convenient location close to shopping, dining and recreation, coupled with elegant townhomes and high-end apartments, The Henry at Harms Woods will truly be something special,” said Tucker.
Recent nearby Wingspan projects include 20West and Maple Street Lofts, a pair of mixed-use projects in Mount Prospect, Ill. Tucker recently completed District 1860 in Lincolnwood, Ill., a 299-unit mixed-use development that began welcoming its first residents this summer and features more than 80,000 square feet of commercial space. The project’s first restaurant opened in early August – Fat Rosie’s Mexican restaurant and tequila bar.