Associated Bank announced completion of a $57,184,000 loan to Marquette Companies for construction of a 22-story multi-family apartment building located at 513 South Damen Avenue 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 building will have 279 studio, one, two and three-bedroom units. Common area features will include a pool, fitness center, co-working space, tenant lounge, rooftop deck, dog park, dog wash, dog- run and bike storage. The building is slated for completion by March 2023.
Marquette Companies is a fully integrated real estate company with more than $2 billion of apartments and mixed-use properties in its investment portfolio. Marquette Management, Inc. is the property management arm with over 12,000 apartment units currently under management.
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.
Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.