CHICAGO, IL – Marquette Cos. Received a home loan of more than $ 100 million to develop its 278-unit tower block at 1400 Randolph Street in Chicago's West Loop and Fulton Market neighborhood.
The primary financing was provided by the OZK bank.
As the developer’s agent, JLL Capital Markets secured a pension fund equity partner and a home loan for the project. The JLL capital markets team, which represents the borrower, was led by CEO Matthew Schoenfeldt.
Marquette Cos. Partnered with Chicago-based Power Construction to build the luxury high-rise development. The project is expected to be completed in spring 2022.
The 25-story, fully equipped Apartment Tower offers modern design, common areas, a state-of-the-art fitness center, a club room with a demonstration kitchen and a pool on the 18th floor. The property is close to Ashland L train station.
“It was extremely worthwhile to represent Marquette in the capitalization of this marquee project,” explains Schönfeldt. "Marquette, her institutional partner and bank OZK have been steadfastly committed to 1400 Randolph, which is evidence of the fundamentally compelling concept."
"I am grateful to JLL for the persistent pursuit of solutions on our behalf and to the OZK team that helped us make this project a reality," said Darren Sloniger, President and CIO of Marquette Cos.