CRE Midwest

Associated Bank awards developers $18.8 million for retail projects

Associated Bank recently announced the completion of more than $18 million in financing for retail projects in Morton Grove, Chicago and Peru, Ill.

Associated Bank recently announced the completion of more than $18 million in financing for retail projects in Morton Grove, Chicago and Peru, Ill.

Bianco Properties – $5,000,000 for the acquisition of Lonore Plaza, a neighborhood retail center located at 7130-7188 Dempster St. in Morton Grove. Bianco Properties was incorporated in St. Louis in 1956 as a general investment company. In 1969 the firm narrowed its focus to real estate and adopted its present corporate philosophy: of investing for the long term in high quality business and investment properties of all types. These include freestanding retail structures, shopping centers, industrial buildings, office buildings, raw land and high-rise and garden apartments. The company also has offices in Seattle, Dallas, Indianapolis, Chicago and Minneapolis. Senior Vice President Jodi Cloninger of the Commercial Real Estate division of Associated Bank managed the loan closing.

Sandz Development – $11,000,000 construction loan for Webster Square, located at the southeast corner of Lincoln and Webster in Chicago. Webster Square’s 20,000 square feet of retail space is fully leased to Mrs. Green’s Natural Market. The property also includes a 255-space parking garage. Over the past 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. This is Sandz second project with Associated Bank. In March of 2013, Associated provided a $20 million construction loan for a 75-unit luxury apartment building on the northeast corner of Lincoln and Webster. Senior Vice President Thomas Chan of the Commercial Real Estate division of Associated Bank managed the loan closing.

Quattro Development – $1,236,420 for the acquisition and redevelopment of Quattro Peru, a 15,000-square-foot retail building located at 4361 Venture Drive in Peru, Ill. The building, which sits in front of a Target store, is 50 percent leased to AT&T wireless. Quattro Development will remodel and then lease the remaining 50 percent. Since its formation in 2007, Quattro Development has developed more than 260,000 square feet among 33 retail properties across the United States. Vice President Krista Casper of the Commercial Real Estate division of Associated Bank managed the loan closing.

3F Properties – $1,600,000 for the acquisition of a 6,350-square-foot mixed-use building at 4000 N. Lincoln Ave. at the intersection of Lincoln and Damen avenues and Irving Park Road in Chicago. The property includes first-floor retail, second-floor offices and a rooftop billboard. 3F Properties is a Chicago-based real estate investment and development company with expertise in the acquisition, financing, leasing and management of residential and commercial property across a broad spectrum of asset class and size. The company’s principals have developed more than $1 billion of retail, residential, office, mixed-use and warehouse projects. Vice President Krista Casper of the Commercial Real Estate division of Associated Bank managed the loan closing.