JLL represented the borrower to capitalize development of Chicago multi-housing property  

CHICAGO, October 21, 2020 – JLL Capital Markets announced today that it has capitalized the development of a 278-unit, fully-amenitized apartment tower at 1400 Randolph St. in the heart of Chicago’s vibrant West Loop neighborhood and booming Fulton Market district.

JLL represented the developer, Marquette Companies, to secure a pension fund equity partner and construction loan for the project. The senior financing was provided by Bank OZK. Seasoned industry leaders, Marquette partnered with Power Construction, a Chicago-based company that has operated for over 90 years, to build the development with an expected completion date of Spring 2022.

1400 Randolph Street is a 278-unit, 25-story, high-rise development boasting luxury apartment living, with clean lines, modern design, coworking spaces, a state-of-the-art fitness center, club room with a demonstration kitchen and pool to be located on the 18th floor. The remarkable views capture the renowned 12.77-acre Union Park and to the east, the iconic Chicago skyline. 

Chicago’s West Loop neighborhood is home to the area’s most premiere and world-class shopping and night life. For the food lovers, Randolph Street is also known as “Chicago’s Restaurant Row” and touts Michelin-star restaurants and the city’s most vibrant dining scene. The development is also transit-friendly, just steps away from the L train Ashland Station, allowing direct access to The Loop or any corner of the city. 

“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,” said Darren Sloniger, President and CIO of Marquette Companies. 

The JLL Capital Markets team representing the borrower was led by Managing Director Matthew Schoenfeldt.

“It has been extraordinarily rewarding to represent Marquette in capitalizing this marquee project,” said 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.”

CHICAGO – JLL Capital Markets announced today that it has arranged joint venture equity and financing for Marq on Main, a newly built, fully amenitized, boutique apartment asset in the affluent Chicago suburb of Lisle, Illinois.

JLL worked on behalf of Marquette Companies to arrange a joint venture equity partnership with Principal Real Estate Investors. In addition, the team worked on behalf of the new partners to place a fixed-rate loan with a correspondent life company lender.

Marq on Main comprises a mix of 202 condo-quality one- and two-bedroom units averaging 816 square feet as well as 13,433 square feet of ground-floor retail space set on an exquisitely conceived streetscape. Located at 4755 Main Street, the property delivers an unmatched level of in-home finishes and property amenities for the submarket, including quartz countertops, stainless steel appliances, wood-style flooring, state-of-the-art clubroom, 2,500-square-foot fitness facility, resort-style pool, tech lounge and a 237-stall heated underground parking garage with electric car charging stations. Completed earlier this year, the transit-oriented property is steps from the Lisle Metra Station and near Interstates 55, 88 and 355, which provides accessibility around the Chicago Metro.

The JLL Capital Markets team representing the Marquette Companies and the newly formed joint venture was led by Managing Director Matthew Schoenfeldt. 

CHICAGO, IL – January 10, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Westmont Village Apartments, a 558-unit, garden-style apartment community in Westmont, Illinois.

The HFF team marketed the property on behalf of the seller, Long Wharf Capital LLC, and procured the buyer, a joint venture between a fund managed by DRA Advisors LLC and Marquette Companies.  HFF previously arranged financing for the property in 2016.

Westmont Village Apartments consists of 31 residential buildings comprising 558 units averaging 1,100 square feet each.  Situated on 29 acres at 6713 Lake Shore Drive, the community offers access to surrounding DuPage County cities and the Chicago metropolitan area via Interstate 355 to the west, Interstate 88 to the north, Interstate 294 to the east and Interstate 55 to the south.  The property offers a variety of one-, two- and three-bedroom floor plans with different levels of amenities.  Long Wharf recently completed unit renovations and constructed a new resident clubhouse with a fitness center and outdoor swimming pool, a dog park and picnic areas with grilling stations.

The HFF investment advisory team representing the seller included director Kevin Girard, managing directors Marty O’Connell and Sean Fogarty and senior director Wick Kirby.

“We are pleased with the outcome of this well-located property, from the physical improvements to the simplification of the previously fractured ownership structure, all of which made the asset appealing to an institutional buyer like DRA Advisors,” said Steve Varney, a director at Long Wharf Capital.

CHICAGO, IL – December 17, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $27.5 million in financing for Valley Lo Tower II, a 112-unit, mid-rise multi-housing community in the northern Chicago suburb of Glenview, Illinois.

The HFF team worked on behalf of The Marquette Companies and LEM Capital to secure the five-year, fixed-rate loan through Allstate Investments.  Loan proceeds were used to acquire and substantially upgrade the boutique property.

Valley Lo Tower II features large, family-friendly units, which average nearly 1,800 square feet, with amenities similar to single-family homes.  Located near Lehigh and Chestnut Avenues in the affluent Glenview community, the property combines a quiet residential setting with access to highly ranked public schools and walkability to The Glen Town Center.  Valley Lo offers a mix of 29 one-bedroom, 30 two-bedroom and 53 three-bedroom floor plans along with abundant parking in a heated garage.  Unit amenities include in-unit washers and dryers, large walk-in closets and spacious private balconies.  Community amenities currently include a 2,300-square-foot clubhouse, an outdoor swimming pool and tennis court.  Marquette’s renovation dedicates a significant portion of the budget toward making these amenities the finest in the submarket.

The HFF debt placement team representing the borrowers consisted of managing director Matthew Schoenfeldt.

“This property represents a unique opportunity to reposition a marquee asset in one of Chicago’s North Shore suburbs,” Schoenfeldt said.  “To longtime residents of the submarket, Marquette & LEM’s revitalization of Valley Lo is an absolute no-brainer.  Even if a land parcel could be secured in a similarly compelling location, the cost to construct a building of this quality inclusive of underground parking would be prohibitive.  The partnership truly has a diamond in the rough.”