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Associated Bank has completed a $55 million construction loan to Marquette Companies for The Union Villa Park, a mixed-use project in Villa Park, Illinois, located about 20 minutes west of downtown Chicago.
Associated Bank and Wintrust Financial served as joint lead arrangers, each financing half of the total loan amount. The Union Villa Park will offer luxury studio, one-, two-, and three-bedroom apartments, along with nearly 8,000 square feet of commercial space. The total development cost is $89.8 million. The project will be built on a 1.95-acre site in Villa Park’s downtown district.
Elizabeth Hozian, senior vice president in 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, which will deliver 238 apartment units. Leasing and initial deliveries are expected to begin in fall 2027.
The Union Villa Park was designed by Korb Architecture, with Weis Builders serving as the general contractor. MetLife is participating as an equity partner.
Join us on the afternoon of Tuesday, June 2, 2026, at Joe’s Live in Rosemont, Illinois, for the Connect Midwest Multifamily Trends conference.
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