Nov 16, 2022 – Connect CRE
Marquette Cos. has completed the recapitalization of Evo Union Park, a 242-unit luxury apartment building in Chicago’s Fulton Market. Pacific Life, a California-based insurer, has bought out the original equity investors in a $103.5-million transaction, with Marquette retaining a stake in the property. Despite the uncertainty caused by the pandemic two years ago, when occupancies in downtown Chicago apartments were falling and many investors and lenders were reluctant to back large projects, the downtown occupancy rate has rebounded, and rents are near an all-time high. Evo Union Park’s original investors, including Zeller Realty Group, have made out well, with the recapitalization representing a 22% premium on the project’s development costs.