JLL capitalizes Marq on Main in suburban Chicago
Joint venture equity and financing arranged for the fully amenitized, boutique apartment asset in Lisle, Illinois
CHICAGO, January 6, 2020 – JLL Capital Markets announced today that it has arranged joint venture equity and financing for Marq on Main, a newly built, fully amenitized, boutique apartment asset in the affluent Chicago suburb of Lisle, Illinois.
JLL worked on behalf of Marquette Companies to arrange a joint venture equity partnership with Principal Real Estate Investors. In addition, the team worked on behalf of the new partners to place a fixed-rate loan with a correspondent life company lender.
Marq on Main comprises a mix of 202 condo-quality one- and two-bedroom units averaging 816 square feet as well as 13,433 square feet of ground-floor retail space set on an exquisitely conceived streetscape. Located at 4755 Main Street, the property delivers an unmatched level of in-home finishes and property amenities for the submarket, including quartz countertops, stainless steel appliances, wood-style flooring, state-of-the-art clubroom, 2,500-square-foot fitness facility, resort-style pool, tech lounge and a 237-stall heated underground parking garage with electric car charging stations. Completed earlier this year, the transit-oriented property is steps from the Lisle Metra Station and near Interstates 55, 88 and 355, which provides accessibility around the Chicago Metro.
The JLL Capital Markets team representing the Marquette Companies and the newly formed joint venture was led by Managing Director Matthew Schoenfeldt.
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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Marquette Companies is a Naperville, Illinois-based real estate investment and property management firm. Founded in 1983, Marquette has designed, developed, acquired and operated more than $3.5 billion of apartments, master planned communities, student housing, mixed-use developments, hotel, office and industrial properties. Today, Marquette actively owns and manages more than 11,000 multi-family units in the central United States. For more information, visit marquettecompanies.com.
Principal Real Estate Investors manages or sub-advises $85.7 billion in commercial real estate assets (as of September 30, 2019). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.