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JLL Secures $124M in Equity, Financing for Wheaton MF Project
JLL has arranged joint venture equity and secured construction financing to develop The Faywell, a 334-unit luxury multi-housing development in downtown Wheaton, Illinois.
JLL worked on behalf of Banner Real Estate Group to identify their institutional joint venture partner, and also represented the partnership in the arrangement of a non-recourse $84 million construction financing with PNC Bank. JLL Capital Markets’ Debt and Equity Advisory team was led by Senior Managing Director Matthew Schoenfeldt and Director Mary Dooley.
The Faywell is located on a 2.59-acre transit-oriented parcel in downtown Wheaton. The seven-story development will feature 334 luxury rental units, with a mix of studios, one- and two-bedroom apartments and townhomes. The property will 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 Dooley.
