Marquette, LEF Buy Glenview “Diamond in the Rough”
HFF’s Matthew Schoenfeldt has arranged $27.5 million in acquisition financing for Valley Lo Tower II, a 112-unit, mid-rise apartment community in the northern Chicago suburb of Glenview, IL. The five-year, fixed-rate loan on behalf of The Marquette Companies and LEM Capital came from Allstate Investments.
Valley Lo Tower II’s new ownership is devoting a substantial portion of the loan proceeds to upgrade the property’s amenity package.
“This property represents a unique opportunity to reposition a marquee asset in one of Chicago’s North Shore suburbs,” said Schoenfeldt. “To longtime residents of the submarket, Marquette & LEM’s revitalization of Valley Lo is an absolute no-brainer.
“Even if a land parcel could be secured in a similarly compelling location, the cost to construct a building of this quality inclusive of underground parking would be prohibitive,” he added. “The partnership truly has a diamond in the rough.”
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