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Chicago & Midwest  + Greater Chicagoland  + Apartments  |  November 26, 2024
Jasmine Kilman
By: Jasmine Kilman

IPA Arranges $68.5M for Chicago MSA Residential Development

IPA Capital Markets, a division of Marcus & Millichap, has closed a $56 million senior construction financing loan and $12.5 million in equity for the development of the first phase of Yorktown Reserve, a 271-unit residential development project.

“This marks a significant milestone in the transformation of Yorktown Mall into a vibrant, mixed-use community,” said Frank Montalto, IPA Capital Markets managing director in the firm’s Chicago office. “The financing was structured to support the construction of this high-profile project, which will include a range of modern amenities aimed at attracting young professionals and families to the Lombard area.”

Montalto secured the debt with a local bank and arranged the equity with an institutional investor. The client, Synergy Development, is a Chicago-based development and construction firm. “This project will play a key role in the continued revitalization of Yorktown Mall and underscores our commitment to facilitating strategic investments in high-growth markets,” added Montalto.

Read More News Stories About: Marcus & Millichap
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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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