IPA Capital Markets, a division of Marcus & Millichap specializing in capital markets services for major private and institutional clients, 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 in the Chicago suburb of Lombard, Ill.
“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. Phase one of Yorktown Reserve is expected to set a new standard for residential living with thoughtfully designed units and access to retail, dining, and outdoor spaces.”
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.
“We are proud to have arranged this financing for Synergy Development, which brings together institutional capital with a forward-thinking development team,” Montalto said. “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.”
