Banner Real Estate Group Secures $124M Construction Loan From PNC Bank For The Faywell Project

The asset involved in this transaction is a development site located at 220 West Liberty Drive in Wheaton. The project, known as The Faywell, consists of 334 apartment units with retail space included. The financing secured for this project totals $124 million, comprising an $84 million construction loan and $40 million in joint venture equity. The completion of this project is anticipated in early 2027, addressing the growing demand for multifamily housing in the suburb.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $124,000,000
• Lender: PNC Bank
• Landlord: Bob Flannery - Banner Real Estate Group
• Brokers: Mary Dooley & Matthew Schoenfeldt - JLL

JLL facilitated the arrangement of the financing for this project. The collaboration ensures that The Faywell will be the only active multifamily development in downtown Wheaton as suburban rental demand continues to rise.