Associated Bank closed a $55 million construction loan to the Marquette Companies for The Union Villa Park, a mixed-use project at 110 S. Villa Ave. in Villa Park, Illinois, 20 minutes west of downtown Chicago.
Associated Bank and Wintrust Financial were joint Lead Arrangers with each financing one-half of the total loan amount.
The Union will be a Class-A, multifamily building offering luxury studio, one, two and three-bedroom apartments with high-end amenities and enclosed garage parking. The project will also feature 8,000-square feet of commercial space, for a total development cost of $89.8 million. It will be constructed on a 1.95-acre site in Villa Park’s downtown district within walking distance of merchants, restaurants, breweries and a seasonal event venue. The site is immediately north of the Illinois Prairie Path and Great Western Trail, a 12-mile former railway corridor now a popular walking/biking trail that extends to West Chicago.
Marquette Companies is a multifamily investment leader with in-house capabilities in acquisition, construction, asset, property and construction management. The company operates in eight states,with a portfolio of over $3.3 billion in apartments and mixed-use properties.
Elizabeth Hozian, a senior vice president with Associated Bank’s Commercial Real Estate division, managed the loan arrangements and closing.
