Knighthead Funding, LLC provided a $32 million refinancing loan to The Drake Group for Cerca, a newly constructed, 62-unit Class-A multifamily community in downtown Glenview, Illinois, part of Chicago’s highly desirable North Shore.
The loan refinances a previous construction facility and provides proceeds to pay off the property’s preferred equity investor.
The Knighthead team led by Jonathan Daniel, Peter Illuzzi, and Joseph Marraccini arranged the loan, marking another successful financing transaction by Knighthead for a high-quality multifamily asset in a supply-constrained market with strong fundamentals.
Cerca is a transit-oriented development that addresses a need for high-quality luxury rental housing in a market characterized by high barriers to entry and limited supply. Cerca’s residences feature efficient floorplans and upscale finishes, including stainless-steel appliance packages, quartz countertops, luxury vinyl plank flooring, maple cabinetry, in-unit washers and dryers, and subway tile backsplashes. Residents have access to concierge-style services and regularly planned tenant events, as well as high-end amenities including fitness rooms, a private dining area, conference rooms, an amenity deck, dog spa and play areas, grilling stations and more. The project also includes 6,886 square feet of ground-floor retail space.
Located in the heart of Glenview, Cerca benefits from its proximity to the Glenview Metra Station, providing residents with convenient access to downtown Chicago. The property is also less than a 20-minute drive from O’Hare International Airport.
Glenview is one of the most affluent and highly desirable communities in Chicago’s North Shore, known for its exceptional schools and high quality of life. The area’s combination of amenities, employment centers and transportation connectivity has made the North Shore a highly attractive residential market for residents seeking suburban living with convenient access to Chicago.
A JLL team including Daniel Gillard, Philip Galligan, Michael Gurwin, and Ryan Planek represented The Drake Group in the transaction.
