Wingspan Development Group announced that WDG Finance has closed the $16 million WDG GP Fund II, its second since 2021, to fuel the firm’s multifamily development business growth in Illinois, Wisconsin, and Florida.

Nearly 40% larger than WDG’s GP Fund I, with an average investment about 50% higher, the $16 million fund will participate in the equity of five ground-up projects: The Henry at Harms Woods in Skokie, Ill.; The Whitt in Riverview, Fla.; Wekiva Ranch in Apopka, Fla.; The Pabst Farm Development in Oconomowoc, Wisc.; and The Vue in Elk Grove Village, Ill. It will also fund a preferred equity position in NICHE in Tampa, Fla. All six properties are developed in partnership with Wingspan’s sister company, Nicholas & Associates, a full-service contractor.

Wingspan currently has nearly $900 million in multifamily assets, including over $350 million in stabilized assets and about $500 million in entitled projects under development across several Chicago suburbs, Southeast Wisconsin and Central Florida.