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.
- ◦Sale/Acquisition