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ynergy Construction & Development has secured a significant construction loan for its multifamily redevelopment at Yorktown Center in Lombard. The Chicago-based firm received $92 million in financing to kick off the first phase of Yorktown Reserve, a project that will eventually feature up to 600 apartments. The funding package includes contributions from CIBC Bank and Republic Bank ($56 million), Fidelity Investments ($12.5 million), and BJB Properties ($23.5 million). Lombard trustees are also providing public incentives, including $20 million in tax-increment financing.

    Synergy has partnered with Pacific Retail Capital Partners, the mall's owner and operator, to execute the redevelopment. The project involves demolishing a 175,000-square-foot former department store to make way for 271 market-rate apartments in a mid-rise structure, accompanied by 2 acres of green space. Construction is already underway, with completion of the first phase expected by summer 2026.

    The Yorktown redevelopment aims to revitalize the aging mall by introducing mixed-use development and opening up the property. If successful, it could serve as a model for future projects involving similar assets. Synergy is also considering a similar project at Schaumburg's Woodfield Mall, Illinois' largest shopping center, in collaboration with Simon Property Group.