JLL Capital Markets announced that it 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.
Located just west of I-94 in Deerfield, an affluent North Shore suburb of Chicago, Park5 will offer spacious two- and three-bedroom townhomes averaging 1,953 square feet with two-car attached garages, multi-level floorplans, private yards and outdoor space, condo-quality unit finishes and robust community amenities. The development aims to attract a diverse tenant base, including young families, empty nesters seeking a turnkey, maintenance-free lifestyle and others seeking the benefits of homeownership and flexibility.
The Lake County market has demonstrated strong multifamily fundamentals, with consistent rent growth and high occupancy rates. Park5 is poised to capitalize on the area’s limited supply and growing demand for luxury rental options.
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 with JLL’s agency leasing Managing Director Chris Cummins rounding out the team.
“The depth and quality of financing options for the project reflects the strength of VennPoint Real Estate’s vision and the continued appeal of well-located, high-quality multifamily developments in Chicago’s suburbs,” said Schoenfeldt. “The project’s unique offering of spacious townhomes for rent in a high barrier to entry location positions it for tremendous success.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
