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VennPoint Real Estate has secured a $55 million financing package for the development of Park5, a luxury built-to-rent project in Deerfield, Ill. Bank OZK provided a $45.7 million construction loan while an insurance company issued $9.9 million in mezzanine financing. JLL arranged the deal.

The developer acquired the site for $10.2 million from Quadrangle. JLL provided consultancy services for that transaction as well.

When complete, Park5 will encompass two- and three-bedroom rental homes averaging 1,953 square feet. Units will feature attached two-car garages, multi-level floorplans, as well as private yards, among other amenities.