Marquette Companies, a Naperville-based development firm, has secured construction financing for two rental projects on the west end of the Fulton Market District.
The firm is planning two rental buildings at 1400 and 1454 West Randolph Street, which together will account for about 500 units, Crain’s reported.
A rendering of 1454 West Randolph Street
Cook County property records show Marquette obtained a $40.9 million construction loan from St. Louis-based Stifel Bank and Trust for the planned 11-story building at 1454 West Randolph. JP Morgan Chase provided $17 million in mezzanine financing for the project. Marquette also obtained financing for its planned 26-story rental project at 1400 West Randolph, but did not specify the lender.
Financing for new projects has been hard to come by, according to Darren Sloniger, the company’s chief investment officer.
“It was a lot of fricking work,” Sloniger told the publication. “It was probably right up there in the top three of the heaviest lifts of my career.”
Marquette has several other projects in Chicago, including a 263-unit building at 180 North Ada Street which it completed last year, and a 223-unit property at 123 North Desplaines Street.
In order to obtain approval for a zoning change from the city, the developers complied with Chicago’s Affordable Requirements Ordinance by including some lower-priced apartments in another of its projects.
[Crain’s] — Georgia Kromrei