Finance N Illinois

Associated Bank loans $23M for two Chicago-area construction projects

Associated Bank loans $23M for two Chicago-area construction projects,ph1
The North Avenue Commerce Center at 27W460 St. Charles Road in Winfield, Illinois.

Associated Bank completed two construction loans totaling more than $23.4 million. The first loan, for $13,020,000, was to Conor Commercial Real Estate for the construction of a 265,550-square-foot speculative industrial building on previously vacant land at 27W460 St. Charles Road in Winfield, Illinois. Construction of the North Avenue Commerce Center is expected to be completed by the end of this year.

Conor Commercial Real Estate is the integrated real estate development and investment arm of The McShane Companies, headquartered in Rosemont, Illinois with offices in Dallas, Houston, Phoenix and Irvine, California. Conor Commercial Real Estate is active on a local, regional and national basis in the development of master-planned industrial and office parks, medical office developments, speculative industrial and office properties and build-to-suit projects for lease or purchase.

The second loan, for $10.4 million, was to a venture of GW Properties for the purchase a 77,000-square-foot property at 1113 S. Jefferson Street, Chicago. The site is just north of Manny’s Cafeteria & Delicatessen and just west of the Maxwell shopping center. GW Properties plans to redevelop the site, currently occupied by a Marathon gas station and garage, with a three-building retail project totaling 16,000 square feet. Construction is scheduled to begin in the third quarter with initial leases announced later this summer. GW Properties is involved in the brokerage, investment and development of over $500 million of real estate in the Chicagoland area.

Vice president Brian P. Rogan of the commercial real estate division of Associated Bank originated both loans.