Edward James lands financing for Northfield rental townhomes

Edward R. James Companies secured financing for the rental townhome project it’s developing near the intersection in north suburban Northfield.

The Glenview-based homebuilder plans 28 luxury townhomes in its “Northfield Mews” development at 1725 Winnetka Avenue.

Edward James secured an $11 million construction loan for the project earlier this month from TCF National Bank, according to Cook County records.

Company representatives could not be reached for comment Wednesday. But the Edward James website said the project is expected to be ready in the summer.

Northfield officials approved the project earlier this year despite some opposition from neighbors who said it was too dense for the area, the Winnetka Talk reported at the time.

The townhomes are being built on a 2.1-acre former AT&T property that’s currently home to a parking lot, storage shed and 1950s-era service garage, the developer said

Edward James first proposed a development with 34 units in September 2017 before reducing it to 28. The three-bedroom, 2½-bath units all will come with an attached garage.

Edward James initially proposed a four-story apartment building with 60 to 80 units and underground parking on the site, but later shifted to the rental townhome plan.

The Chicago area is in a nine-year run of rising rents and strong occupancy for rentals, fueled in part by a post-recession preference for renting over buying. While the apartment market has benefited the most, more developers are putting out townhomes to address the rental demand.