Associated Bank has completed a $55 million construction loan for The Union Villa Park, a mixed-use development by Marquette Companies in Villa Park, Illinois.
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Located about 20 minutes west of downtown Chicago, the project will bring 238 luxury apartment units and nearly 8,000 square feet of commercial space to a 1.95-acre site in the suburb’s downtown district. The total development cost is estimated at $89.8 million.
Associated Bank partnered with Wintrust Financial as joint lead arrangers, with each institution financing half of the total loan amount.
Elizabeth Hozian, senior vice president in Associated Bank’s Commercial Real Estate division, oversaw the loan arrangement and closing.
Marquette Companies broke ground last week on the seven-story development. The Union Villa Park will feature studio, one-, two- and three-bedroom apartments designed to appeal to a range of renters, from young professionals to families seeking transit-accessible suburban living.
The project team includes Korb Architecture as project designer and Weis Builders as general contractor. MetLife is serving as the project’s equity partner.
Leasing and initial unit delivery are expected to begin in fall 2027.
Villa Park’s downtown district has been the focus of revitalization efforts aimed at attracting mixed-use development and increasing residential density near retail and transit corridors. The Union Villa Park is expected to contribute to that momentum by adding both housing and neighborhood-serving commercial space in a walkable setting.
The nearly 8,000 square feet of retail space is anticipated to accommodate restaurants, service-oriented tenants or boutique retailers, further activating the surrounding streetscape.
With suburban Chicago continuing to experience demand for high-quality rental housing, developers are increasingly targeting well-located infill sites that combine convenience, amenities and access to regional employment hubs.
The financing underscores continued lender appetite for multifamily and mixed-use developments in strong suburban markets. While interest rate volatility has reshaped portions of the commercial real estate lending environment, well-capitalized sponsors and projects with solid fundamentals continue to secure construction financing.
For Associated Bank and Wintrust Financial, the transaction reinforces their active roles in Midwest commercial real estate lending. For Marquette Companies, the project adds to its portfolio of mixed-use and multifamily developments across the region.
Upon completion, The Union Villa Park is expected to enhance housing supply in DuPage County while supporting local economic activity through new retail space and construction-related jobs over the next two years.
Originally reported by Jasmine Kilman in Connectcre.
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