Holliday Fenoglio Fowler, L.P. (HFF) announces $56.5 million in financing for Willow Crossing, a 579-unit, multi-housing community in the northwest Chicago suburb of Elk Grove Village, Illinois.

The HFF team worked on behalf of The Marquette Companies to secure the five-year, floating-rate loan through Wells Fargo.  Loan proceeds were used to acquire the property and include a future-funding component that the borrower will use to revitalize the well-located asset.

Willow Crossing is located in the thriving Chicago suburb of Elk Grove Village, which is home to excellent public schools, substantial recreational facilities and proximate to major employment hubs.  Willow Crossing consists of 14 buildings in a park-like setting.  Renovated units will feature kitchens with new countertops, stainless steel appliances, walk-in closets, hardwood-style floors and private patios or balconies.  Community amenities include two heated swimming pools, a grilling area, volleyball court, bark park, two playgrounds, fitness center, clubhouse, business center and a mix of surface and under-unit garage parking.  In addition, the transit-oriented property is less than three miles from the Itasca Metra station, which offers commuters access around the entire Chicagoland region.

The HFF debt placement team representing the borrower included managing director Matthew Schoenfeldt.

“Lenders recognized Willow Crossing as a genuine diamond in the rough,” Schoenfeldt said. “This factor, combined with Marquette’s masterful value-creation strategy, allowed us to generate multiple aggressive loan proposals.”

MORGAN, a leader in upscale multifamily development, construction and property management, has opened Pearl Washington, its latest luxury apartment development in Houston. The midrise is conveniently located at the corner of Washington Avenue and T.C. Jester Blvd., surrounded by Washington Avenue's restaurants and nightlife, Memorial Park and the popular Houston Heights neighborhood. Downtown Houston and the Galleria/Uptown are only three miles away.

Pearl Washington contains five stories, with 322 one-, two- and three-bedroom units over two levels of garage parking. All units, which range from 652 square feet to 1,443 square feet, have balconies.

The apartment community features MORGAN's premium Pearl amenities, including open floor plans, high-end wood style floors, quality unit finishes, USB charging ports, Nest thermostats, a business café, state-of-the-art fitness club and private fitness studio. Residents also can enjoy a Vegas-inspired swimming pool with private cabanas and an expansive sun deck overlooking Washington Avenue and downtown. In addition, there are two more courtyards with hammock swings, a bocce ball court, grilling areas, and a dog park.

"Since we started construction on Pearl Washington two years ago, the neighborhood has become an increasingly more attractive place to live," said Vice President of Development Philip Morgan. "With a front door on Washington Avenue, the property is within walking and biking distance to many destinations, including restaurants, bars, coffee shops and Memorial Park. In addition to convenience, we are excited about the type of upscale, eco-friendly amenities that our Pearl brand provides. Residents can have it all at Pearl Washington."

The community was co-developed with LCB Holdings, Inc., and Wells Fargo provided the construction financing.

Pearl Washington floor plans and more information can be found at www.pearlwashingtonapts.com.