Marquette Companies, based in Naperville, IL, has 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 their gamble of beginning two residential towers during the height of the pandemic back in 2020 and serves as proof that their bet paid off when they recapitalized Evo Union Park last fall at an increased value of 22%.
In 2020 Marquette financed Parq Fulton with a $65-million construction loan from Bank Ozk which allowed them to pay off said loan and pocket much of the difference after refinancing it with MetLife’s larger offer. The venture was confident that by 2022 when construction wrapped up, market conditions would have improved enough to make this investment worthwhile – something which ultimately proved true due to its successful recapitalization last year valued at $103 million dollars compared to its original cost estimate of only 85 million dollars according Crain’s Chicago Business .
