$100M+ investment secured for Fulton Market development
JLL represented the borrower to capitalize development of Chicago multi-housing property
CHICAGO, October 21, 2020 – JLL Capital Markets announced today that it has capitalized the development of a 278-unit, fully-amenitized apartment tower at 1400 Randolph St. in the heart of Chicago’s vibrant West Loop neighborhood and booming Fulton Market district.
JLL represented the developer, Marquette Companies, to secure a pension fund equity partner and construction loan for the project. The senior financing was provided by Bank OZK. Seasoned industry leaders, Marquette partnered with Power Construction, a Chicago-based company that has operated for over 90 years, to build the development with an expected completion date of Spring 2022.
1400 Randolph Street is a 278-unit, 25-story, high-rise development boasting luxury apartment living, with clean lines, modern design, coworking spaces, a state-of-the-art fitness center, club room with a demonstration kitchen and pool to be located on the 18th floor. The remarkable views capture the renowned 12.77-acre Union Park and to the east, the iconic Chicago skyline.
Chicago’s West Loop neighborhood is home to the area’s most premiere and world-class shopping and night life. For the food lovers, Randolph Street is also known as “Chicago’s Restaurant Row” and touts Michelin-star restaurants and the city’s most vibrant dining scene. The development is also transit-friendly, just steps away from the L train Ashland Station, allowing direct access to The Loop or any corner of the city.
“I am grateful to JLL for tenaciously pursuing solutions on our behalf as well as the team at Bank OZK who stood with us to help make this project a reality,” said Darren Sloniger, President and CIO of Marquette Companies.
The JLL Capital Markets team representing the borrower was led by Managing Director Matthew Schoenfeldt.
“It has been extraordinarily rewarding to represent Marquette in capitalizing this marquee project,” said Schoenfeldt. “Marquette, their institutional partner and Bank OZK have been steadfast in their commitment to 1400 Randolph, which is a testament to the fundamentally compelling concept.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Marquette Companies
Marquette was founded in 1983 and quickly became the largest developer of apartments in the Chicago market. This discipline helped to make them effective advisors to institutional investors. Today, Marquette has emerged as a private real estate company committed to investment excellence in underperforming and undervalued real estate assets across the United States. Celebrating 35 years in business, Marquette has proven to be a company that can uncover outstanding opportunities and apply its talents to adding value in a myriad of ways.