PNC Bank Provides $66 Million Construction Loan To Hines For Development Site In Naperville

The property asset involved in this transaction is a development site located at 1200 Diehl Road in Naperville. The project encompasses the construction of 306 apartment units within a five-story building and includes 15,000 square feet of retail space. The loan amount secured for this project is $66,000,000, provided specifically for construction purposes.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $66,000,000
• Address: 1200 Diehl Road
• Market: Naperville
• Lender: PNC Bank
• Landlord: Jeffrey C. Hines & Laura Hines-Pierce - Hines
• Asset characteristics: 306 units, five-story structure, 15,000 SF of retail

The individuals involved in the deal include Jeffrey C. Hines and Laura Hines-Pierce, who represent the landlord Hines. The secured construction loan from PNC Bank addresses a supply gap in the suburban rental market, which has not seen new institutional multifamily construction since 2022.