$100M Financing Secured for Chicago Multifamily Project
JLL capital markets secured the construction loan on behalf of Marquette Cos. for the development of its 278-unit, high-rise apartment tower in Chicago’s Fulton Market.
CHICAGO, IL – Marquette Cos. has secured a more than $100 million construction loan for the development of its 278-unit apartment tower located at 1400 Randolph St. in Chicago’s West Loop neighborhood and Fulton Market district.
The senior financing was provided by Bank OZK.
Representing the developer, JLL capital markets secured a pension fund equity partner and construction loan for the project. JLL capital markets team representing the borrower was led by managing director, Matthew Schoenfeldt.
Marquette Cos. has partnered with Chicago-based, Power Construction to build the luxury, high-rise development. The project’s expected completion date is in Spring 2022.
The 25-story, fully-amenitized, apartment tower features modern design, co-working spaces, a state-of-the-art fitness center, a club room with a demonstration kitchen and a pool on the 18th floor. The property is located near the L train Ashland Station.
“It has been extraordinarily rewarding to represent Marquette in capitalizing this marquee project,” states Schoenfeldt. “Marquette, their institutional partner and Bank OZK have been steadfast in their commitment to 1400 Randolph, which is a testament to the fundamentally compelling concept.”
“I am grateful to JLL for tenaciously pursuing solutions on our behalf as well as the team at Bank OZK who stood with us to help make this project a reality,” says Darren Sloniger, president and CIO of Marquette Cos.