Associated Bank has completed a $55 million construction loan to the Marquette Companies for The Union Villa Park, a mixed-use project in Villa Park, Illinois, 20 minutes west of downtown Chicago.
Associated Bank and Wintrust Financial were joint Lead Arrangers, with each financing one-half of the total loan amount. The Union will offer luxury studio, one, two and three-bedroom apartments, and the project will also feature nearly 8,000 square feet of commercial space, for a total development cost of $89.8 million. It will be constructed on a 1.95-acre site in Villa Park’s downtown district.
Elizabeth Hozian, a senior vice president with Associated Bank’s Commercial Real Estate division, managed the loan arrangements and closing. Marquette Companies broke ground last week on the seven-story mixed-use development that will deliver 238 apartment units. Leasing and delivery are expected to begin in fall 2027. The Union Villa Park was designed by Korb Architecture, with Weis Builders handling construction. MetLife is an equity partner.
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