Marquette lines up construction financing for Fulton Market rentals

Development will bring about 500 units to the area

TRD CHICAGO /
Sep.September 04, 2020 10:00 AM
Marquette Companies CEO Nick Ryan and a rendering of 1400 West Randolph Street (Credit: Marquette Companies and Brininstool + Lynch)

Marquette Companies CEO Nick Ryan and a rendering of 1400 West Randolph Street (Credit: Marquette Companies and Brininstool + Lynch)

Marquette Companies, a Naperville-based development firm, has secured construction financing for two rental projects on the west end of the Fulton Market District.

The firm is planning two rental buildings at 1400 and 1454 West Randolph Street, which together will account for about 500 units, Crain’s reported.

A rendering of 1454 West Randolph Street

A rendering of 1454 West Randolph Street

Cook County property records show Marquette obtained a $40.9 million construction loan from St. Louis-based Stifel Bank and Trust for the planned 11-story building at 1454 West Randolph. JP Morgan Chase provided $17 million in mezzanine financing for the project. Marquette also obtained financing for its planned 26-story rental project at 1400 West Randolph, but did not specify the lender.

Financing for new projects has been hard to come by, according to Darren Sloniger, the company’s chief investment officer.

“It was a lot of fricking work,” Sloniger told the publication. “It was probably right up there in the top three of the heaviest lifts of my career.”

Marquette has several other projects in Chicago, including a 263-unit building at 180 North Ada Street which it completed last year, and a 223-unit property at 123 North Desplaines Street.

In order to obtain approval for a zoning change from the city, the developers complied with Chicago’s Affordable Requirements Ordinance by including some lower-priced apartments in another of its projects.

[Crain’s] — Georgia Kromrei


Related Articles

arrow_forward_ios
110 N Carpenter Street in Fulton Market (Photo via Sterling Bay)

Sterling Bay, JPMorgan near deal to sell McDonald’s HQ for $430M

Sterling Bay, JPMorgan near deal to sell McDonald’s HQ for $430M
300 North Elizabeth Street with John and Stephen Calk (Google Maps, Federal Savings Bank, Getty, iStock)

Federal Savings Bank is leaving Fulton Market but not Chicago

Federal Savings Bank is leaving Fulton Market but not Chicago
1100 W. Fulton Market (Courtesy of Fulton St. Co.)

$40M building could break Fulton Market records

$40M building could break Fulton Market records
Hamid Moghadan and 455 N Ashland Ave (Credit: Google Maps)

Prologis buys warehouse near Fulton Market District

Prologis buys warehouse near Fulton Market District
Sandeep Mathrani, 1155 W. Fulton and 1114 W. Fulton (Credit: Google Maps and John Sciulli/Getty Images for Bloomingdale's)

Exit strategy: WeWork eats Fulton Market leases

Exit strategy: WeWork eats Fulton Market leases
Leslie Hindman has listed the two-building property at 1332 and 1338 West Lake Street in Fulton Market.

Going once: Auctioneer lists her Fulton Market office, testing demand

Going once: Auctioneer lists her Fulton Market office, testing demand
Joe Sitt and 905 W. Fulton Market (Credit: Thor Equities)

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
Ald. Walter Burnett (27th)

Alderman Burnett to lift ban on resi development in Fulton Market

Alderman Burnett to lift ban on resi development in Fulton Market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...