Banner Real Estate Group has secured joint venture equity and secured construction financing to develop The Faywell, a 334-unit luxury multi-housing development in downtown Wheaton, Ill.
JLL worked on behalf of Banner Real Estate Group to identify its institutional joint venture partner and also represented the partnership in arranging a non-recourse $84 million construction financing with PNC Bank.
The Faywell, located on a prime 2.59-acre transit-oriented parcel in downtown Wheaton, will offer access to the Wheaton Metra station and walkability to all downtown amenities, including the village’s French Market Pavilion, which hosts 8,000 weekly attendees. The complex assemblage comprises 13 parcels across seven sellers, with an entitlement process that has exceeded two years.
The seven-story development will feature 334 luxury rental units averaging 956 square feet, with a diverse mix of studios, one- and two-bedroom apartments, and direct-entry townhomes. The
