WHEATON, Ill. — Banner Real Estate Group has secured $124 million in debt and equity and broken ground on The Faywell in Wheaton, 30 miles west of Chicago. The 2.6-acre development site is an assemblage of 13 parcels and involved seven separate sellers. The deal took about five years to put together. The site is adjacent to the Metra Union Pacific West station with service to downtown Chicago.
The seven-story development will feature 334 rental units averaging 956 square feet in a mix of studios, one- and two-bedroom floor plans as well as townhomes. The property will include 4,504 square feet of ground-floor retail space that is fully leased to the Chicago-based restaurant chain Egg Harbor Café, which had an existing location on the site and signed a new long-term lease.
The project will feature amenities that include three courtyards, a resort-style pool, hot tub, rooftop decks, a fitness center, coworking space and parking. Faywell residents will have direct access to the DuPage County Prairie Path, a recreational trail. Banner Real Estate estimates construction will be complete by March of 2027, with some of the first tenants moving in by fall 2026.
JLL Capital Markets’ debt and equity advisory team arranged the financing, which included an $84 million construction loan provided by PNC Bank. JLL’s team was led by Senior Managing Director Matthew Schoenfeldt and Director Mary Dooley. W.A. Randolph is the general contractor, BKV Group is the architect, and engineering services are being provided by CAGE Engineering.