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Marquette Lands $56M Wells Fargo Loan for Multifamily Buy
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HFF turned to Wells Fargo for a $56.5-million financing on Willow Crossing, a 579-unit apartment community in Elk Grove Village, IL. An HFF team led by Matthew Schoenfeldt worked on behalf of The Marquette Companies to secure a five-year, floating-rate loan that will be used to acquire the property.
“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.”
The loan includes a future-funding component that Marquette will use for its planned renovations on Willow Crossing. Marquette’s portfolio includes more than 11,200 apartments under management. It has executed on over $1.5 billion in acquisitions and ground-up development of multifamily assets over the past five years.
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