HFF announces $56.5M financing for Elk Grove complex

Holliday Fenoglio Fowler announced $56.5 million in financing for Willow Crossing, a 579-unit, multi-housing community in Elk Grove Village.

The HFF team worked on behalf of The Marquette Companies to secure the five-year, floating-rate loan through Wells Fargo. Loan proceeds were used to acquire the property and include a future-funding component that the borrower will use to revitalize the well-located asset.

Willow Crossing consists of 14 buildings in a parklike setting. Renovated units will feature kitchens with new countertops, stainless steel appliances, walk-in closets, hardwood-style floors and private patios or balconies. Community amenities include two heated swimming pools, a grilling area, volleyball court, bark park, two playgrounds, fitness center, clubhouse, business center and a mix of surface and under-unit garage parking. In addition, the transit-oriented property is less than three miles from the Itasca Metra station.

The HFF debt placement team representing the borrower included managing director Matthew Schoenfeldt.

"Lenders recognized Willow Crossing as a genuine diamond in the rough," Schoenfeldt said. "This factor, combined with Marquette's masterful value-creation strategy, allowed us to generate multiple aggressive loan proposals."