US$100 million in construction financing has been secured for The Henry at Harms Woods, a 294-unit residential development in Skokie, Chicago. Tucker Development and Wingspan Development are both working on this project. Kennedy Wilson, a Californian investment firm provided the construction loan package. Further, an undisclosed insurance partner also contributed to the construction financing. The funding will support the demolition of an existing office block that is 130,000 square feet. This will free up space for the construction which is expected to begin in 2024.
The project, designed by HKM Architects + Planners will feature 245 luxury apartments. Furthermore, there will be 49 rental townhomes. Nicholas and Associates, the project developers will also build 10,000 square feet of commercial space on the ground level. Amenities at The Henry at Harms Woods include a courtyard, a sun deck and a swimming pool. Residents will also enjoy a fitness centre and designated co-working stations.
The development is located on 350 acres of land on the Harms Woods Nature Preserve. It is also on the same plot of land as the Westfield Old Orchard Mall. This gives residents plenty of space as well as providing other amenities around. One can get to the project site through the Interstate 94.
More on the Henry at Harms Woods
Yield Pro reports that the $100 million loan underscores the strong multifamily demand in the Chicago suburbs, where rents have surged by 5.4% year-over-year in the second quarter. This trend is fueled by higher borrowing costs, which have made homeownership less accessible, thereby boosting the rental market.
“We’ve assembled a very strong team for this project, including the general contractor, which has completed a number of successful Wingspan communities, so we’ve already baked some efficiencies into our construction process,” said Nick Papanicholas, Jr., president of Wingspan.