Marquette Companies has locked in a $55 million construction loan from Associated Bank for The Union, a 238-unit mixed-use apartment project in Villa Park. The financing clears a major hurdle as crews move onto the downtown site and temporary construction fences go up. Marquette says the development will bring new housing, public parking and ground-floor retail to the village’s Old Town corridor.
Loan and partners
According to The Real Deal, Associated Bank issued the $55 million construction loan backing the roughly $90 million Union Villa Park project, with MetLife serving as an equity partner. The bank’s release included a rendering and confirmed that the loan will fund core construction costs at the 110 South Villa Avenue site.
Project features
Marquette Companies describes The Union as a seven-story building with 238 apartments, two outdoor amenity decks that include a resort-style pool, a fitness center, co-working spaces and about 7,500 square feet of street-level commercial space. Plans also call for a 94-space indoor public parking deck intended to serve Cortesi Park and the new Villa Park Recreation Center, along with bike storage and a dog spa with trail access.
Village update and construction
The Village of Villa Park posted a construction update in January stating that demolition and initial site work were scheduled to begin late that month and warning residents about increased construction traffic and temporary no-parking zones near Wildwood Avenue. The village directed residents to Marquette for project details and said it would continue to share updates as work progresses.
Timeline and what's next
The Daily Herald reported that Marquette broke ground in mid-February and expects apartment availability and leasing to begin in fall 2027, with units finished to “high-end” specifications such as plank-style flooring and stainless-steel appliances. Trevor Ryan, Marquette’s partner and president, told the Herald that village incentives were critical to making the economics work and that the project is intended to spur further reinvestment in Old Town.
Why lenders are looking to suburbs
Industry reporting has pointed to a broader shift in lender confidence toward Chicago suburbs, where deal activity and mid-size trades have picked up compared with the city, and The Real Deal frames The Union’s financing as part of that trend. For Villa Park, the mix of private capital, a local redevelopment agreement and public parking commitments helped clear the way for construction to move forward.
The Union is set to be one of the largest new apartment projects in downtown Villa Park in recent years, and village leaders say they will keep the community updated as construction progresses. Marquette lists contact information and project updates on its website for neighbors who have questions about timing and parking.
