CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announces $56.5 million in financing for Willow Crossing, a 579-unit, multi-housing community in the northwest Chicago suburb of Elk Grove Village, Illinois.
The HFF team worked on behalf of The Marquette Companies to secure the five-year, floating-rate loan through Wells Fargo. Loan proceeds were used to acquire the property and include a future-funding component that the borrower will use to revitalize the well-located asset.
Willow Crossing is located in the thriving Chicago suburb of Elk Grove Village, which is home to excellent public schools, substantial recreational facilities and proximate to major employment hubs. Willow Crossing consists of 14 buildings in a park-like setting. Renovated units will feature kitchens with new countertops, stainless steel appliances, walk-in closets, hardwood-style floors and private patios or balconies. Community amenities include two heated swimming pools, a grilling area, volleyball court, bark park, two playgrounds, fitness center, clubhouse, business center and a mix of surface and under-unit garage parking. In addition, the transit-oriented property is less than three miles from the Itasca Metra station, which offers commuters access around the entire Chicagoland region.
The HFF debt placement team representing the borrower included managing director Matthew Schoenfeldt.
“Lenders recognized Willow Crossing as a genuine diamond in the rough,” Schoenfeldt said. “This factor, combined with Marquette’s masterful value-creation strategy, allowed us to generate multiple aggressive loan proposals.”
About The Marquette Companies: Marquette is a fully integrated real estate company with more than $1 billion of apartments and mixed-use properties in our investment portfolio. In the last five years, Marquette has successfully executed on over $1.5 billion acquisition and ground-up development of multifamily assets. With more than 11,200 apartments under management, Marquette’s depth of experience and entrepreneurial spirit delivers outstanding investment opportunities for investment managers, pension funds, Wall Street funds and high-net-worth individuals.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.