JLL Capital Markets has announced that it has arranged $45.7 million in construction and $9.9 million in mezzanine funding for Park5 Luxury Rental Townhomes, a 144-unit core BTR development at 5 Parkway N in Deerfield, Illinois.
JLL has worked on behalf of borrower Vennpoint Real Estate to secure advanced construction funding through bank OZK and to fund mezzanines through blue chip insurance companies. JLL Americas Land & Development Services has also consulted about selling the land on behalf of the seller’s square for $10.2 million.
Located just west of I-94 in Deerfield, Chicago’s wealthy North Shore suburbs, Park5 offers a spacious two- and three-bedroom townhome, averaged 1,953 square feet. The purpose of this development is to attract a diverse range of tenant bases, including young families, empty nesting people seeking turnkey, non-maintenance lifestyles, and others seeking the benefits of homeownership and flexibility.
The Lake County Market demonstrates a strong apartment complex foundation with consistent rent growth and high occupancy. PARK5 is poised to take advantage of the region’s limited supply and growing demand for luxury rental options.
The debt advisory team at JLL Capital Market, representing borrowers, was led by Senior Managing Director Matthew Schoenfeldt and Director Mary Dooley. JLL Americas Land & Development Services, which helps with the sale of the land, was led by managing director Dan Reynolds with JLL Agency Lease Managing Director Chris Cummins closing the team.
“The depth and quality of the project’s funding options reflect the strength of VennPoint Real Estate’s vision and the continued appeal of high-quality, high-quality multi-family development in Chicago’s suburbs,” Schoenfeldt said. “The project’s unique spacious townhome for renting is at a high barrier to intrusion locations.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupyers. The company’s detailed local markets and global investor knowledge provide best-in-class solutions for its clients, including investment sales and advice, debt advisory, equity advisory, and recapitalization. The company has over 3,000 capital market experts around the world and has offices in nearly 50 countries.
