VennPoint Real Estate has secured $45.7 million in 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, Ill.
JLL worked on behalf of the borrower 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 Interstate 94 in Deerfield, a 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 othe
