**JLL Secures $124M in Equity and Financing for Luxury Apartment Development in Wheaton, Illinois**
JLL has successfully arranged joint venture equity and secured construction financing for the development of The Faywell, a luxury multi-housing project featuring 334 units in downtown Wheaton, Illinois.
On behalf of Banner Real Estate Group, JLL facilitated the identification of an institutional joint venture partner and secured a non-recourse $84 million construction loan from PNC Bank. The financing efforts were led by JLL Capital Markets’ Debt and Equity Advisory team, including Senior Managing Director Matthew Schoenfeldt and Director Mary Dooley.
Situated on a 2.59-acre, transit-oriented site, The Faywell will be a seven-story residential property offering a mix of studio, one-bedroom, two-bedroom apartments, and townhomes. The development will also include 4,504 square feet of ground-floor retail space, fully leased to Egg Harbor Café.
“Securing a blue-chip partner in today’s challenging capital markets is a significant endorsement of The Faywell’s exceptional location, design, and the strength of the development team,” said Mary Dooley.
The successful equity and financing arrangement totals $124 million, enabling the project to move forward in one of Chicago’s sought-after suburban downtowns.
