Marquette Companies and LEM Capital secured a $27.5 million loan for their acquisition of a Glenview apartment building.
Chicago-based Marquette and Philadelphia-based LEM bought the 112-unit Valley Lo Tower for $34.1 million in October, making it one of the biggest multifamily sales of the month.
The seller was Michael K. Bloom.
HFF’s Matthew Schoenfeldt helped Marquette and LEM secure the five-year, fixed-rate loan from Allstate Investments. Proceeds will go toward the acquisition of the 33-year-old property near Lehigh and Chestnut avenues and substantial upgrades to the building, according to HFF.
Valley Low features 29 one-bedrooms, 30 two-bedrooms and 53 three-bedrooms averaging 1,800 square feet.
Naperville-based Marquette Companies also owns a 158-key hotel in Naperville and a 579-unit apartment complex in Elk Grove Village.