Marquette Cos. lands $57M loan for suburban big resi complex

The Chicago developer teamed with JPMorgan for the 579-unit property in Elk Grove Village

TRD CHICAGO /
May.May 31, 2018 05:00 PM

CEO of Marquette Companies Nick Ryan and Willow Crossing

Marquette Companies secured a $56.5 million acquisition loan for a 579-unit rental complex in Elk Grove Village.

In April, Marquette teamed up with JPMorgan Investment Management to buy the development, called Willow Crossing for $80 million, or $138,000 per unit. The complex is located at 1030 Charlela Lane.

Wells Fargo provided the loan, which has a five-year term. Part of the proceeds will go to renovations.

HFF’s Matthew Schoenfeldt advised on the deal.

Irvine, California-based Steadfast Income REIT bought Willow Crossing in November 2013 for $58 million, according to Crain’s. It renovated the complex before selling it to the Marquette/JPMorgan venture.

Marquette has a portfolio of more than $1 billion, including mixed-use properties and more than 11,200 rental units under management.

Among its projects are a planned 14-story, 263-unit residential building at 180 North Ada Street in Fulton Market in Chicago that it is developing for Sterling Bay.

The Willow Crossing deal was among a number of large suburban apartment transactions recently, including Dayrise’s $104 million deal for a Hoffman Estates complex and Azure Partners’ pickup of a Wheeling complex for $72 million.

Invesco is looking to get in on that market, recently hiring HFF to sell the Wheaton 121 complex it bought in 2014 for $95.8 million.

According to a recent report from Marcus & Millichap, suburban rents grew 6.9 percent last year and were expected to rise significantly in 2018.


Related Articles

arrow_forward_ios
The Bolingbrook property along route 53 and Amazon CEO Jeff Bezos (Credit: Google Maps, Getty Images)

Amazon pays $51M for site of former Chicagoland amusement park

Jeff Bezos and the Old Wrigley gum factory at 3535 S. Ashland Avenue (Credit: Getty Images and Google Maps)

Chew on this: Former Wrigley gum factory pitched as potential Amazon warehouse

Landing CEO & founder Bill Smith and one of Landing's apartments at 30 E. Adams St.

Membership-based leasing platform Landing uses $20M Series A round to expand to Chicago

Peter E. Ricker, Chairman and CEO of MBRE, and 800-810 West Madison Street (Credit: MBRE and Google Maps)

MB Real Estate pays $19M for office building near Fulton Market

7250 S. Shore Drive and 6752 S. Michigan Avenue

Financially-distressed housing nonprofit selling 13 South Side properties

W. P. Carey Inc. CEO Jason E. Fox, Pritzker Realty Group founder and Chairman Penny Pritzker, 150 N. Clinton St. (Credit: Google Maps)

WP Carey and Pritzker Realty make big moves in West Loop

Rendering of 800 W. Fulton Market and Thor's Joe Sitt

Thor Equities lands anchor tenant for spec Fulton Market office tower

President of University of Chicago Robert Zimmer, DL3 Realty's Leon Walker and The Jewel-Osco in Woodlawn (Credit: Getty Images, Google Maps)

Near future Obama Center, U. of Chicago buys Jewel-Osco-leased building

arrow_forward_ios
Loading...