IPA Capital Markets, a division of Marcus & Millichap, has successfully closed a $56 million senior construction financing loan and secured $12.5 million in equity for the first phase of Yorktown Reserve. This 271-unit residential development project is part of the transformation of Yorktown Mall into a dynamic mixed-use community.
According to Frank Montalto, Managing Director at IPA Capital Markets’ Chicago office, this achievement is an important step towards revitalizing Lombard’s real estate market. The financing was carefully structured to support the construction process and ensure that this high-profile project offers modern amenities that will attract young professionals and families.
Montalto negotiated with a local bank for the debt portion and arranged for an institutional investor to provide equity on behalf of Synergy Development -the Chicago-based firm responsible for developing and constructing Yorktown Reserve. “This project not only contributes to our goal of facilitating strategic investments in thriving markets but also plays a crucial role in rejuvenating Yorktown Mall,” added Montalto.
The article titled “IPA Arranges $68.5M for Chicago MSA Residential Development” was originally published on Connect CRE website.
