Lake County Gazette

The $30.3 million in financing announced earlier this month for a luxury rental home development in Antioch represents an "exciting" new venture for the arrangement's broker, Walker & Dunlop, a company official said.

The loan will fund development, within The Clublands of Antioch by Moda Homes, of a 110-unit single-family rental community in Antioch School District 34, according to a release. The location boasts direct access to Homer White Lake, walking, hiking and horseback trails and a community park adjacent to the Raven Glen nature preserve. Future amenities will include a pool, clubhouse and fitness center.

The Clublands of Antioch, part of a homeowners association, is a short drive to I-94 and Metra Station.

CoreVest Chief Client Officer Joakim Mortensen | facebook.com/CoreVest/

"This is an exciting build-for-rent project in an interesting market," Joakim Mortensen, chief client officer at CoreVest, which provided the loan, said in a press release announcing the financing. "While we have been financing purpose-built rentals since our inception, it's our first project with Moda Homes. We were delighted to partner with the Walker & Dunlop and Moda Homes teams and look forward to the development of this community."

The press release was issued Sept. 23 by Bethesda, Maryland-based Walker & Dunlop, which arranged the construction financing for the development by Moda Homes, which engaged Ryan Homes as homebuilder. Ryan Homes houses generally start in the upper $300,000s and include a variety of layouts, including lofts and first-floor bedrooms.

The new development will be within The Clublands of Antioch, a 1,000-unit master-planned community that already has about 450 homes, itself within the village of Antioch. Once complete, The Clublands of Antioch will be a mix of one- and two-story luxury homes that average 1,719 square feet, with two-car garages, open and modern floor plans, quartz countertops, white cabinets, craftsman trim, hard surface floors and stainless-steel appliances.

Eric McGlynn, managing director within Walker & Dunlop's Capital Markets group and a member of its Build-For-Rent (BFR) and Single-Family Rental (SFR) Practice Group, oversaw financing arrangements. 

"We are very pleased to have closed our first loan with CoreVest and Moda Homes in Chicagoland," McGlynn said in the news release. "Moda has significant land holdings in the area and big plans for developing additional communities, and CoreVest has been a great partner in helping to make that vision a reality."