Marquette Companies is moving ahead with a mixed-use multifamily project in the Chicago suburbs, as the market continues its hot streak.
The Chicago-based developer secured a $55 million construction loan from Associated Bank, according to a press release from the Green Bay, Wisconsin-based bank. The loan will fund Marquette’s Union Villa Park development at 110 South Villa Avenue in Villa Park, Illinois, which will include 238 apartments consisting of studios, two and three-bedroom units, as well as 8,000 square feet of commercial space. MetLife is serving as an equity partner in the project which is expected to cost $90 million, a release from Marquette shows.
The village of Villa Park approved an incentive agreement with Marquette for the development in 2025 that includes a garage with 94 parking spaces open to the public, The Daily Herald reported.
The financing follows a trend of lenders feeling more confident in non-Cook County suburbs than in the city of Chicago. Early last year, suburban apartment building sales between $1 million and $50 million jumped 65 percent, year-over-year, Interra Realty found. The brokerage, which specializes in midsize deals, found that 53 midsize apartment buildings sold between March 2024 and March 2025, compared to 32 sold between March 2023 and March 2024.
Since last year, investing activity continues to hold strong. The market got off to a blazing start in January with projects with over 1,400 units trading in just one week.
Chicago is on track this year to see the smallest number of new apartments completed since 2012, a recent analysis from Marcus & Millichap found.
Part of that is due to a chaotic property tax environment in Cook County that has stymied investor activity. Tension over property tax adjustments in the wake of the pandemic have led to a contentious race for Cook County Tax Assessor, with donations from the real estate community flooding into Democratic Primary challenger Patrick Hyne’s campaign.
Still, activity is hardly at a standstill in Chicago. A joint venture of Boston-based investment firm Intercontinental Real Estate and Chicago-based Magellan paid $126 million late last month for the 42-story, 322-unit apartment tower at 73 East Lake Street in the Loop.