Institutional Property Advisors (IPA), a division of Marcus & Millichap, has closed a $56 million senior construction financing loan and $12.5 million in equity for the development of the first phase of Yorktown Reserve, a 271-unit residential development project in Lombard, Illinois.
Residential amenities will include gym including machines for cardio, free weights and separate yoga/Pilates studio, an outdoor resort-style pool with hot tub along with an indoor sauna, multiple outdoor BBQ/kitchens, an indoor dog-wash station, covered entry, dramatic 2-story common areas, multiple media/theatre rooms, multi-sport simulator room, a game room, a large communal kitchen with private dining area for 12, a business center with large conference room and private offices, secure package room with parcel management system, a DIY room, storage locker rooms on every floor, a bike storage room, under-cabinet lighting, in-unit washer/dryers, individual HVAC units, and walk-in closets.
“This marks a significant milestone in the transformation of Yorktown Mall into a vibrant, mixed-use community,” said Frank Montalto, IPA Capital Markets managing director in the firm’s Chicago office. “The financing was structured to support the construction of this high-profile project, which will include a range of modern amenities aimed at attracting young professionals and families to the Lombard area.”
Montalto secured the debt with a local bank and arranged the equity with an institutional investor. The client, Synergy Development, is a Chicago-based development and construction firm. “This project will play a key role in the continued revitalization of Yorktown Mall and underscores our commitment to facilitating strategic investments in high-growth markets,” added Montalto.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
