Matthew Schoenfeldt Of JLL Facilitates $56.5M Loan From Wells Fargo In Elk Grove Village

The asset involved in this transaction is a 579-unit rental complex called Willow Crossing, located at 1030 Charlela Ln, Elk Grove Village. Marquette Companies acquired the property for $80 million, which equates to $138,000 per unit. The acquisition was financed by a $56.5 million loan provided by Wells Fargo, which has a five-year term. Part of the loan proceeds will be allocated for renovations at the complex.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $80,000,000.00
• Borrower's Representative: Matthew Schoenfeldt-JLL
• Lender: Wells Fargo
• Loan Amount: $56,500,000.00
• Address: 1030 Charlela Ln, Elk Grove Village
• Market: Elk Grove Village

The transaction was secured by Marquette Companies, which is noted for its extensive portfolio of more than $1 billion, including over 11,200 rental units under management. The deal was brokered with guidance from HFF’s Matthew Schoenfeldt. Prior to the current acquisition, the complex was purchased by Steadfast Income REIT in November 2013 for $58 million and underwent renovations before being sold to the Marquette/JPMorgan venture.