Associated Bank Arranges $55M Construction Loan for 238-Unit Multifamily Development in Villa Park
Associated Bank and Wintrust Financial have closed a $55 million construction loan for The Union Villa Park, a mixed-use development in Villa Park, Illinois.
The construction financing will support development of a seven-story Class A building at 110 South Villa Avenue featuring 238 luxury apartments and 8,000 square feet of commercial space. The total development cost for the project is $89.8 million.
Financing Structure
Associated Bank and Wintrust Financial served as joint lead arrangers for the construction financing, with each institution providing half of the $55 million construction loan. Marquette Companies is leading the development as the general partner, with MetLife participating as an equity partner in the capital stack.
The Village of Villa Park approved $13 million in Tax Increment Financing bonds to support the project. The TIF financing supplements the $55 million in construction debt and $34.8 million in equity to fund the $89.8 million development.
Project Details
The Union Villa Park will deliver a mix of studio, one-bedroom, two-bedroom, and three-bedroom luxury apartments on a 1.95-acre site in the village's downtown district. The development includes 94 public parking spaces in an indoor parking deck plus reserved resident parking.
The property is located immediately north of the Illinois Prairie Path and Great Western Trail. The site is within walking distance of the village's Metra Station.
Construction activity began in late January 2026, with demolition and initial site work underway.
Development Context
Marquette Companies operates a $3.3 billion portfolio across eight states.