Marquette Companies, based in Naperville, IL, has successfully refinanced the Parq Fulton apartment building located at 1400 W. Randolph St. in Chicago’s West Loop with a $79 million loan from MetLife. This refi represents a payoff for Marquette’s gamble to begin construction of two residential towers during the height of the pandemic in 2020 and is reported by Crain’s Chicago Business . The venture was initially financed with a $65 million construction loan from Bank Ozk located in Little Rock AR which allowed them to pay off their debt and pocket much of the difference upon completion last year.
The bet paid off as Marquette recapitalized Evo Union Park last fall valuing it at $103.5 million – 22% higher than its original cost of $85-million according to Crain’s report . With this successful refinance, Marquette proves that even during trying times there are still opportunities for growth within real estate markets if you take calculated risks backed up by research and data analysis
