B
radford Allen's large-scale suburban Chicago development has cleared major hurdles, securing a crucial construction loan and city approval. The $72 million loan from Walker & Dunlop will fund the first phase of a 301-unit apartment complex with retail space, marking a significant milestone in the project's eight-year timeline. This comes as suburban multifamily investment sales outperform those in Chicago's urban core, despite high debt and construction costs.

    The development team, led by Bradford Allen and design partner Moceri + Roszak, has been assembling land for the 16-acre site since 2019. The project is part of a $130 million mixed-use campus that will also feature a medical office and retail buildings. Arlington Heights approved $17.8 million in tax increment financing to support the development.

    The suburban market's appeal is evident in recent sales, with RentCafe ranking it as one of the top multifamily markets nationwide. In contrast, Chicago's downtown market faces challenges due to Cook County's property tax environment. The Opus Group recently sold a suburban complex for $65 million per unit, while JLL Income Property Trust sold its West Loop building at a 20% discount from its original purchase price.