CRE Midwest

Residential projects receive $17 million financing from Associated Bank

Associated Bank recently announced the awarding of $17.2 million in financing for developers of two residential rental projects.

Associated Bank recently announced the awarding of $17.2 million in financing for developers of two residential rental projects.

Newcastle Limited $11.4 million for the acquisition and renovation of a 56-unit apartment building at 1700 N. North Park Ave., in the heart of Chicago’s Lincoln Park neighborhood. Newcastle is a private Chicago-based owner, developer and operator of apartments and retail properties throughout the greater Chicago area. Senior Vice President Edward Notz of the Commercial Real Estate Banking division of Associated Bank managed the loan closing.

Mega Properties $5.8 million loan for construction of the Coves of Mundelein, a 36-unit Class A apartment building on Diamond Lake in Mundelein. The project includes lake frontage with a 12-slip boat dock.  Delko Construction will serve as the general contractor, and the units are expected to be completed by the end of 2014. Vice President Michael McGovern of the Commercial Real Estate Banking division of Associated Bank managed the loan closing.