Marquette Cos. Secures $100M-Plus for Chicago Tower
- Oct 22, 2020
Developer Marquette Cos. has landed more than $100 million to finance its 278-unit rental tower in Chicago’s West Loop neighborhood. The Chicago-based firm secured senior financing to build the project from Bank OZK and additional financing through a pension fund equity partner.
A JLL Capital Markets team led by Matthew Schoenfeldt represented Marquette in the transaction. The brokerage firm did not disclose the exact terms of the financing, but Cook County public records show that in August, Bank OZK provided a $65 million mortgage to Marquette for the project.
Marquette is partnering with Chicago-based Power Construction to build the partially affordable 25-story apartment community in the Fulton Market district. The project is slated to be completed in spring 2022.
Located at 1400 W. Randolph St., the high-rise residential tower will feature a modern design, coworking spaces, a fitness center, club room and a pool on the 18th floor. The development is close to public transportation, including the CTA Ashland Station. A unit mix and other details have not yet been released by the developer. According to Yardi Matrix data, the property will also include retail space.
Marquette is also developing a 243-unit apartment building across the street at 1454 W. Randolph St. The developer has added COVID-related design features to both buildings, including touchless elevator controls and air ionization purification systems. Amenity spaces and fitness centers were reconfigured into smaller areas to cut down on physical interaction. Last month, Marquette, Chicago Mayor Lori Lightfoot and Alderman Water Burnett Jr. took part in a groundbreaking ceremony for the two developments.
Earlier this month, real estate development firm Optima Inc. kicked off construction on a 198-unit luxury community in Chicago’s Lakeview neighborhood. The mixed-use development is slated to be completed in 2022.