CRE Midwest

Associated Bank provides Chicago developers $41 million for projects in 4 states

Associated Bank recently announced the closing of $41.35 million in commercial, retail and residential real estate loans to Chicago developers for projects in Illinois, Indiana, Michigan and Wisconsin.

Associated Bank recently announced the closing of $41.35 million in commercial, retail and residential real estate loans to Chicago developers for projects in Illinois, Indiana, Michigan and Wisconsin.
  •  Sandz Development – $20 million construction loan for the adaptive re-use of the former Lincoln Park Hospital into a 75-unit 63,665-square-foot apartment building with 16,000-square-foot street level commercial space. The project is one of the first in the redevelopment of Webster Square at 558 W. Webster in Chicago’s Lincoln Park neighborhood at Webster and Lincoln avenues. Over the last 40 years, Sandz Development has been responsible for more than $750 million in award-winning developments on the North Side of Chicago including single-family, townhome, condominium, commercial and high-rise developments.  The firm has built more than 500 townhomes in the Lincoln Park area. Their recent Chicago condominium developments include 600 N. and 530 N. Lake Shore Drive, and The Whitney at 1301 N. Dearborn. Senior Vice President Thomas Chan, from the Commercial Real Estate division of Associated Bank in Chicago, managed the loan closing.
  •  The John Buck Co. – $5 million subscription line of credit for JBC Fund IV, L.P., the fourth of four investment funds managed by Chicago-based The John Buck Co. Since the firm’s founding in 1981, The John Buck Co. has raised more than $625 million in capital commitments and invested in more than $10.5 billion of real estate transactions, acquiring, developing or redeveloping more than 40.7 million square feet of office, high-rise residential, hotel, retail and mixed-use projects from Chicago to Abu Dhabi. Senior Vice President Edward Notz, with the Commercial Real Estate division of Associated Bank in Chicago, managed the loan closing.
  •  Lexington Village at Rob Roy – $2 million for construction of 15 townhomes, the majority of which are already sold, in Prospect Heights. Founded in 1973, Lexington Homes (and prior business entities, including 3H Homes, Lexington Homes and Concord Homes) focuses on high-density residential development and has built more than 40,000 homes in the greater Chicago area over the past four decades. Vice President Michael McGovern, Commercial Real Estate division of Associated Bank in Chicago, managed the loan closing.
  •  Avgeris & Associates – $2.5 million to Avgeris 40th Place LLC, to refinance a 100 percent leased 268,200-square-foot industrial building at 328 W. 40th Place in Chicago, and $3.2 million to Avgeris 3701 Humboldt LLC, to refinance a 100 percent leased 172,344-square-foot industrial building at 3701 Humboldt Ave. in Milwaukee. Avgeris and Associates, based in Lombard, is an investor, developer, owner and operator of quality real estate, engaged in acquisition, development, finance, property management and leasing. Over the past 40 years, the firm’s principals have been active in more than 20 million square feet of commercial property across the United States, and have developed many successful industrial, office, and mixed-use business parks. Senior Vice President Craig Przygoda, Commercial Real Estate division of Associated Bank in Chicago, managed the loan closing.
  •  Westminster Funds – $5.6 million for the refinancing of a 103,253-square-foot office building at150 Stephenson Highway in Troy, Mich. The building is fully occupied by French auto parts manufacturer Valeo, serving as their North American headquarters.  Westminster Funds, based in Lake Forest, was founded in 1988 by Robert Lansing to provide advisory and real estate strategy services to private investors and corporate users of real estate. To date, the firm has raised more than $600 million among 12 investment funds for the purchase of office, industrial and retail buildings, in addition to senior living communities across the United States. Senior Vice President Edward Notz from the Commercial Real Estate division of Associated Bank in Chicago, managed the loan closing.
  •  Rt. 41 & 93rd LLC (Swanson Development Group) – $3.1 million for acquisition of a 13,905-square-foot retail building at 9280 Wicker Ave, in St. John, Ind. The building has been occupied for 15 years by a Walgreens store, which recently extended its lease there for another 17 years. Steven Swanson ll launched Swanson Development Group earlier this year, before which he was vice president of SRS Real Estate Partners for more than 10 years, specializing in retail tenant representation.  Swanson Development Group will focus on commercial real estate acquisitions and development for retail tenants.  Senior Vice President Rosemary Kehr, Commercial Real Estate division of Associated Bank in Chicago, managed the loan closing.
We’re pleased to partner with these Chicago-area development professionals in the exciting projects they have underway in all of these states,” said Greg Warsek, senior vice president and senior regional manager for the Chicago market at Associated Bank. “Associated Bank’s goal is to continue to develop creative financing solutions for projects that support the continued economic growth in these communities.”