Knighthead Funding Supplies $32M Refinancing for Suburban Chicago Apartments

The Drake Group has secured a $32 million refinancing loan from Knighthead Funding for Cerca, a newly constructed multifamily property in the Chicago suburb of Glenview, Illinois. The newly placed debt takes out an existing construction loan and pays off the asset's preferred equity investor following the building's June opening.

Located at 1850 Glenview Road, approximately 19 miles north of downtown Chicago, the mixed-use development comprises 62 residential units alongside 6,886 square feet of ground-floor retail space. The site offers transit orientation with proximity to the local Metra commuter rail station. On-site building amenities include a fitness center, conference facilities, grilling areas, and a pet spa.

Knighthead Funding principal Jonathan Daniel originated the loan alongside Peter Illuzzi and Joseph Marraccini. JLL’s debt advisory team—consisting of Daniel Gillard, Philip Galligan, Michael Gurwin, and Ryan Planek—represented the borrower in arranging the financing.

For suburban developers and capital providers, this deal demonstrates ongoing liquidity for transit-adjacent, newly delivered mixed-use infill assets seeking takeout financing after lease-up milestones.