Murphy Development Group And Harrison Street Secure $66 Million Loan For One Winnetka Project

The asset involved is a development site located at 515 Lincoln Avenue, situated in the Winnetka market. The total loan amount secured for this project is $66,000,000, designated for construction activities related to the development. The project, known as One Winnetka, has an overall budget of $89,000,000 and will feature 59 luxury apartments along with over 20,000 square feet of retail space in downtown Winnetka.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $66,000,000
• Lender: Mark Fogel - ACRES Capital
• Landlord: John Murphy - Murphy Development Group
• Landlord: Christopher Merrill - Harrison Street
• Project Completion Date: December 2026
• Pre-leasing Demand: Strong
• Expected Rent Range: $7,000 to $12,500/month
• Signed Tenants: Charles Schwab and Ballyhoo Hospitality

The transaction was facilitated by Mark Fogel representing ACRES Capital, which provided the loan for the project. John Murphy from Murphy Development Group and Christopher Merrill, CEO of Harrison Street, are pivotal in the development of this mixed-use project. After years of unsuccessful proposals, the construction has finally commenced, reflecting a significant movement in the pre-leasing phase.