Companies take out $100M construction loan for mixed-use Skokie development
A joint venture between Tucker Development and Wingspan Development Group closed on $100 million in construction financing for The Henry at Harms Woods, a new mixed-use development at 5400 Old Orchard Road in Skokie.
The financing was provided by Kennedy Wilson and a national insurance concern.
It's the first new-construction Class A rental property to be developed in the area in more than a decade. The Henry at Harms Woods will include 245 luxury apartments, 49 rental townhouses and about 10,000 square feet of commercial space. It is the first joint venture project between Tucker and Wingspan.
"Given the constrained lending environment, the lenders demonstrated confidence in this project and all involved parties," said Aaron Tucker, president and chief investment officer for Tucker. "Through our existing relationships with the lenders, we established a strategy for this highly desirable location at attractive yields allowing us to complete the financing. Kennedy Wilson stepped up with a very competitive senior debt package and our insurance partner put forward an attractive mezzanine tranche."
The building, located just west of I-94 and Westfield Old Orchard, was designed by HKM Architects + Planners and will be built by Nicholas & Associates. Demolition of an existing office structure is scheduled for this winter, while construction on the project is planned to start in the spring.
Upon completion, The Henry at Harms Woods will offer studio, one-, two- and three-bedroom units, as well as three-story townhouses and ground-floor commercial and retail space. Amenities will include an expansive courtyard with swimming pool and sun deck, lounge and grilling areas; a fully appointed fitness center; and designated coworking stations.
Neighborhood attractions include the 350-acre Harms Woods Nature Preserve, a 108,000-square-foot Life Time gym across the street and the upscale Westfield Old Orchard shopping mall a half-mile away.
Nearby Wingspan projects include 20West and Maple Street Lofts, a pair of mixed-use projects in Mount Prospect. Tucker recently completed District 1860 in Lincolnwood, a 299-unit, mixed-use development featuring more than 80,000 square feet of commercial space. The project's first restaurant opened in early August - Fat Rosie's Mexican restaurant and tequila bar.