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Marquette Collects Payoff for Pandemic-Era Gamble with $79M Refi of West Loop Tower
Naperville, IL-based Marquette Companies has refinanced the Parq Fulton, a 278-unit apartment building at 1400 W. Randolph St. in Chicago’s West Loop, reported Crain’s Chicago Business. The refi represents a payoff for gambling on beginning a pair of residential towers in 2020, at the height of the pandemic, according to Crain’s.
A Marquette venture financed the Parq Fulton in 2020 with a $65-million construction loan from Little Rock, AR-based Bank Ozk. The venture refinanced the property with a $79-million loan from MetLife, allowing it to pay off the construction loan and pocket much of the difference.
Marquette, which also launched Evo Union Park at the same time, wagered that the market would bounce back by 2022, when construction wrapped up. The bet paid off. Marquette recapitalized Evo Union Park last fall. The deal valued the building at $103.5 million, up 22% from its $85-million construction cost, Crain’s reported.
- ◦Financing
