DEERFIELD, ILL. — Schaumburg, Illinois-based investment firm VennPoint Real Estate has received $45.7 million in construction financing and $9.9 million in mezzanine financing for Park5 Luxury Rental Townhomes in Deerfield, 30 miles north of downtown Chicago. Located at 5 Parkway N, the build-to-rent (BTR) community consists of 144 units.
Park5 Luxury Rental Townhomes offers two- and three-bedroom residences averaging 1,953 square feet. Each townhome will feature two-car attached garages, multi-level floor plans, yards and outdoor space. A construction timeline was not disclosed.
Matthew Schoenfeldt and Mary Dooley of JLL Capital Markets worked on behalf of VennPoint to secure the senior construction financing through Bank OZK and the mezzanine financing through an undisclosed blue-chip insurance company.
Dan Reynolds and Chris Cummins of JLL Americas Land & Development Services consulted on selling the land for $10.2 million on behalf of seller Quadrangle.