MADISON, Wis. -- Police said they have arrested a suspect in connection with the January stabbing death of a 31-year-old man in his Madison home.

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The Madison Police Department said investigators arrested a man in Minnesota on Thursday and consider him a suspect in Joel Marino's death.

Unidentified sources told WISC-TV that the man was arrested in Grant, Minn.

Washington County, Minn., jail records indicate Adam Charles Peterson was arrested around 8 a.m. on Thursday in Grant. Peterson is tentatively charged with first-degree homicide. Washington County Sheriff's Department and Madison police officials both won't confirm Peterson has been arrested for Marino's death.

Police said the man hasn't been formally charged and they hope to extradite him to Madison.

The Capital Times is reporting that the man has confessed to the slaying and might be mentally ill.

The police captain of the south district in charge of the Marino case said there is a lot of work yet to be done but his investigators have a feeling "this could be closure."

"We're in the process of evaluating our evidence right now. I can't get into what type of evidence led us to this person," said Capt. Jim Wheeler. "The important part is letting the community know we have someone in custody and hopefully we can have a sense of security."

"I know this has been a real concern in the community and although there is a suspect in custody, there is a lot of hard work to still be completed by the Madison Police Department," said Chief Noble Wray in a news release. "This remains an open investigation and detectives have more work to do to complete this case, including forensic analysis and more follow up."

Joel Marino's best friend, Bryan Bazan, said the arrest is "good news."

"I think it's great," Bazan said. "This means we are one step closer to resolving (the killing)."

Police officials said more information will be released at a news conference Friday.

Meanwhile, bands of blue ribbons are wrapped around tree trunks near West Shore Drive to serve as a remembrance of Marino.

"Joel was the one who knew everyone in the neighborhood. Joel was the one who always stopped to talk, always had a story. He was just an excellent human being," said neighbor Sheri Rose.

Marino's neighbors said they have hope that the man in custody is the one who robbed their neighborhood of its sense of security.

"It will definitely help to know that there isn't somebody wandering around capable of doing that," said Sindhu Raju, a friend of Marino.

Neighbors said that the slaying has changed their perception about the safety of their neighborhood.

"We've been trying to live life as before, but we do keep our doors locked, even for walking the dogs and taking short walks. We'll always lock the doors now," said neighbor Scott Rose.

As Marino's former house remains empty, the bay drainage project he battled for months has begun -- a reminder for neighbors that their loss was greater than just one man.

"He was going to be someone who watched our children grow up together, and I think a lot of us feel that loss. So, regardless of who they find, you can't ever bring that back," Raju said.

Neighbors said that in addition to the pain of loss is the fear that it could have been any one of them who was killed.

Stay tuned to WISC-TV and Channel 3000 for continuing coverage.

NOTE: Check Back For News Conference Livestream At 11 A.M. Friday