Marquette Cos. landed an eight-figure financing package for one of its newest assets. Marquette, which has been a major player in suburban multifamily real estate, secured $56.5M in financing for Willow Crossing, a 579-unit apartment complex in Elk Grove Village.
Marquette and J.P. Morgan Investment Management bought the property for $80M last month from Steadfast Income REIT. The five-year, floating rate loan from Wells Fargo was used in the acquisition and to fund future capital improvements to the property.
For Steadfast, the sale marked a 38% return on investment over its $58M purchase price in 2013. Steadfast refinanced the property with a $58M loan in 2015, according to Cook County records.
Owners of suburban apartment buildings have been capitalizing on investor interest the past couple of years. Suburban apartment sales set a record for deal volume last year, building on a breakout 2016.
HFF's Matthew Schoenfeldt helped Marquette secure the financing. KIG CRE brokered the sale for Steadfast.
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