Marquette Companies has locked in a $55 million construction loan from Associated Bank for The Union, a 238-unit mixed-use apartment project in Villa Park. The financing clears a major hurdle as crews move onto the downtown site and temporary construction fences go up. Marquette says the development will bring new housing, public parking and ground-floor retail to the village’s Old Town corridor.
Loan and partners
According to The Real Deal, Associated Bank issued the $55 million construction loan backing the roughly $90 million Union Villa Park project, with MetLife serving as an equity partner. The bank’s release included a rendering and confirmed that the loan will fund core construction costs at the 110 South Villa Avenue site.
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