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Marquette Scores Financing for Two Apartment Projects
Marquette Companies has scored construction financing for the two developments near Union Park in the Fulton Market District: an 11-story building at 1454 W. Randolph St. and a 26-story project at 1400 W. Randolph, president and CIO Darren Sloniger told Crain’s Chicago Business.
The Naperville, IL-based developer obtained a $40.9-million construction loan from St. Louis-based Stifel Bank & Trust for 1454 W. Randolph, along with about $17 million in mezzanine financing from JPMorgan Chase.
Marquette also secured construction financing for the $112-million project at 1400 W. Randolph. Sloniger declined to identify the lender, but said the total debt for the development accounts for about 58% of its cost.
Crain’s noted that lining up financing was tough to pull off in the current market, which has pushed many lenders and equity investors to the sidelines. “It was probably right up there in the top three of the heaviest lifts of my career,” said Sloniger.
Pictured: 1400 W. Randolph. Rendering courtesy of Brininstool + Lynch.
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- ◦Development
