VennPoint Lands $55M for Chicagoland BTR Project
Bank OZK is one of the lenders for this luxury development.
VennPoint Real Estate has secured a $55 million financing package for the development of Park5, a luxury built-to-rent project in Deerfield, Ill. Bank OZK provided a $45.7 million construction loan while an insurance company issued $9.9 million in mezzanine financing. JLL arranged the deal.
The developer acquired the site for $10.2 million from Quadrangle. JLL provided consultancy services for that transaction as well.
When complete, Park5 will encompass two- and three-bedroom rental homes averaging 1,953 square feet. Units will feature attached two-car garages, multi-level floorplans, as well as private yards, among other amenities.
READ ALSO: What Will 2025 Bring for the SFR/BTR Sector?
Carrying the address 5 Parkway N., the site is about 30 miles northwest of downtown Chicago. Interstate 94 runs less than 1 mile away, while Lake Michigan is roughly 8 miles east.
JLL Senior Managing Director Matthew Schoenfeldt and Director Mary Dooley arranged the financing on behalf of VennPoint. Managing Directors Dan Reynolds and Chris Cummins assisted in the land sale.
Single-family rental projects in metro Chicago
Greater Chicago’s SFR pipeline encompassed more than 1,000 rental homes underway as of March, according to Yardi Matrix data. Nearly 1,000 more rental homes were in the planning and permitting stages.
Chicagoland’s BTR supply expanded by roughly 400 units throughout 2024, the same source shows. The figure is unlikely to be met this year as the data provider expects 238 rental homes to come online by year’s end.
One of the SFR communities that came online last year was Arden Townhomes, a 60-unit property in Warrenville, Ill. Interforum Holdings refinanced it in October, in a deal also arranged by JLL.
