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Jackson Dearborn Breaks Ground Near U. of Illinois/Champaign
Jackson Dearborn Partners (JDP), based in Chicago, broke ground on ICON, a 276-bed student housing project at the University of Illinois in Champaign. This project is being developed with two local partners: Sub4 Development, a construction and development services firm, and Green Street Realty, a property management company.
“The goal of this project is to deliver a full-amenity building in a premier location at boutique building pricing,” says JDS’ Ryan Tobias. “Despite turmoil in the markets, we remain confident that premier institutions like the University of Illinois are well positioned in the long term.”
The equity was placed through CrowdStreet using Qualified Opportunity Zone funds. The tax benefits and long-term hold strategy led to a full allocation of funds within 28 minutes of opening up for investment.
Construction financing was provided by a regional bank sourced by Chicago-based Alpha Capital CRE. ICON will be open for the 2020-21 academic year.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
