Associated Bank completed a $37,800,000 construction loan to Marquette Companies and Kayne Anderson Real Estate for renovation of an 18-story multifamily apartment building located at 1926 W. Harrison Street in Chicago. The building is in the Illinois Medical District and within walking distance of Rush University Medical Center, as well as Hyatt House.
The renovation will include a total of 272 studio, one-, two- and three-bedroom units. Affordable rents will be available for 52 units. Common area improvements will include a fitness center, co-working space, rooftop deck and a dog-run. Renovation completion is planned for August 2021.
Marquette Companies is a fully integrated real estate company with more than $1.9 billion of apartments and mixed-use properties in its investment portfolio. Marquette Management, Inc. is the property management arm with over 11,000 apartment units currently under management.
Kayne Anderson Real Estate is a private equity real estate firm with an operator-oriented investment platform that focuses on medical office, high-end seniors housing, off-campus student housing/multifamily and self-storage. KA Real Estate was co-founded in 2007 and has over $10 billion in assets under management across its opportunistic equity, core equity and real estate debt funds.
Associated Bank was the lead arranger and administrative agent, working with Wheaton Bank and Trust. Elizabeth Hozian, a senior vice president with Associated Bank’s commercial real estate division, handled the loan arrangements and closing.
