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.
