Knighthead Funding Secures $32M Refi for Chicagoland Multifamily Asset
Knighthead Funding Secures $32M Refi for Chicagoland Multifamily Asset
Jones Lang LaSalle Incorporated has brokered a $32 million loan provided by Knighthead Funding to refinance a newly constructed multifamily development in Glenview, Illinois. The financing replaces the property’s existing construction debt and retires a preferred equity position held by a previous investor.
The subject of the loan is Cerca, a 62-unit luxury community located at 1850 Glenview Road. The property, which welcomed its first residents in June, is situated roughly 19 miles north of downtown Chicago. Its location offers residents convenient access to mass transit via the nearby Metra station. The development also features 6,886 square feet of ground-floor retail space.
Amenities at the site are designed to cater to modern residential demands, including a fitness center, conference rooms, a dog spa, and outdoor grilling stations. The Knighthead team, led by principal Jonathan Daniel and including Peter Illuzzi and Joseph Marraccini, characterized the asset as a “best-in-class” property that enhances the local residential landscape.
The JLL debt placement team negotiating the transaction consisted of Daniel Gillard, Philip Galligan, Michael Gurwin, and Ryan Planek. The borrower, The Drake Group, utilized the proceeds to fully pay out the construction facility and settle obligations with the preferred equity partner.
In the broader market, Jones Lang LaSalle Incorporated is currently trading at $382.44, reflecting a gain of over 1% for the session. The firm operates globally across commercial real estate services and investment management.
What to watch
- Future loan originations from Knighthead Funding in the Midwest multifamily sector.
- Jones Lang LaSalle Incorporated’s next quarterly earnings report for insights into debt capital markets activity.
- The Drake Group’s development pipeline for potential additional refinancing needs.
Source: original release