Chicago & Midwest + Greater Chicagoland + Finance | December 18, 2018

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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