Marquette Recapitalizes Fulton Market Apartments for $104M
Naperville, IL-based Marquette Cos. has recapitalized Evo Union Park, a 242-unit luxury apartment building at 1454 W. Randolph St. in Chicago’s Fulton Market, reported Crain’s Chicago Business. Pacific Life, a Newport Beach, CA-based insurer, bought out the project’s original equity investors through the $103.5-million transaction, with Marquette retaining a stake in the property.
Marquette took a gamble in the middle of the pandemic two years ago, when the developer secured financing for Evo Union Park and another project nearby. At the time, downtown Chicago apartment occupancies were dropping, and many lenders and investors were reluctant to back large, risky projects.
In 2022, the downtown occupancy rate has rebounded and rents are near an all-time high. Marquette’s original investors in Evo Union Park, which included Zeller Realty Group, made out well, Crain’s reported, with the recapitalization representing a 22% premium on the project’s development costs.
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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