TWG Development has begun construction on McDowell Point, a 174-unit active adult living community in Naperville, Ill. Public records show that the developer took out a 3-year, $52.5 million loan from Congressional Bank to finance the $62.4 million project.
The development located at 1420 W. Diehl Road will be TWG’s first in the greater Chicago area. The five-story property is set to feature one-, two- and three-bedroom apartments, with 80 percent of them set aside for residents aged 55 and over.
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Planned amenities include a pool and hot tub, a yoga lawn and grilling stations situated in the project’s second-floor courtyard. Future McDowell Point residents will also be able to participate in scheduled activities, such as book clubs, exercise classes, as well as group hikes at the neighboring 465-acre McDowell Grove Forest Preserve. The property is expected to come online in June 2023.
McDowell Point will be less than 2 miles west from the Diehl Road retail corridor, with easy access to Interstate 88. The community will have several medical facilities within a 3-mile radius, such as the Northwestern Medicine Proton Center and the local branch of Derick Dermatology.
Since 2007, TWG has developed more than 8,000 units across the country. Most recently, the company started work on a 188-unit affordable housing project in Indianapolis and received a $3 million equity investment.