CHICAGO – May 6, 2013 – Associated Bank announced the closing of $67,830,000 in six commercial and residential real estate loans to area developers for projects in the greater Chicago area and Arizona, including:
- Magellan Development Group – $8,501,922 for the refinance of remaining condo and park home inventory at Aqua at Lakeshore East, a mixed-use building at 220 N. Columbus Drive, Chicago, IL in the Lakeshore East development. Completed in 2011, Aqua at Lakeshore East is a high-rise building with luxury condominiums and townhomes that also includes luxury apartments, a Radisson Blu Hotel, retail and office space, and a parking garage. Magellan Development Group develops environmentally-sensitive urban communities that combine innovative architectural design with high-quality construction and have completed 20 projects with more than 6,600 residential units and more than 517,000 square feet of commercial space. The company has received over 60 awards of excellence in the past 16 years. Senior Vice President Rob Burda, Commercial Real Estate division of Associated Bank, managed the loan closing.
- TLC Management Co. – $13,263,750 for the acquisition and renovation of Regal Apartments, which include 84 loft-style units at 651 S. Wells St., Chicago, IL in the Printer's Row neighborhood. TLC Management Co. is a full-service leasing and management company and one of the largest single owners of apartment buildings in the Chicago area. TLC currently manages over 2,750 units in 35 buildings located on or close to Chicago’s lakefront, from as far north as Evanston to Hyde Park/South Shore to the south. Senior Vice President Rob Burda, Commercial Real Estate division of Associated Bank, managed the loan closing.
- BRB Development – $3,683,509 for the acquisition of a 97,710 square foot vacant industrial building at 1900 N. Narragansett Ave., Chicago, IL, being renovated into 746 self-storage units. Lock Up Development Group (an affiliate of BRB Development, LLC) has been in the self-storage business since 1976 and continues to be one of the most active private companies in the storage industry. The Lock Up was co-founded by Robert Soudan, Sr., who built his first self-storage facility in Glenview, Illinois. Today, The Lock Up operates storage centers totaling over 1.6 million square feet in eight states. Senior Vice President Rob Burda, Commercial Real Estate division of Associated Bank, managed the loan closing.
- Conor Commercial Real Estate – $26,900,000 for full-service development and design/build construction by Conor Commercial on behalf of the VA Outpatient Clinic in Gilbert, AZ, a 60,000 square foot medical office building and clinic near Williams Air Force Base. Conor Commercial Real Estate, a member of The McShane Companies, completes sophisticated and complex developments throughout the country, providing development expertise for its own portfolio, in addition to entering into strategic partnerships with many nationally prominent investment and development firms. McShane’s headquarters are in suburban Chicago, with additional offices in Austin, Dallas, Houston, Auburn, Phoenix and Los Angeles. Senior Vice President, Jerry Rotunno, Commercial Real Estate division of Associated Bank, managed the loan closing.
- Zeman-Blackhawk – $14,830,000 for the acquisition of Blackhawk Estates, a gated community with 500 manufactured homes in Des Plaines, IL. Zeman Homes, located in Chicago, IL, owns and operates over 30 manufactured housing neighborhoods in Illinois, Indiana, and Michigan and has been a leading provider of affordable manufactured homes for almost 30 years with a goal of developing, maintaining, and improving great neighborhoods. Sunstone MH Consultants (Sunstone) was advisor to Zeman Homes on the transaction. Senior Vice President, Jerry Rotunno, Commercial Real Estate division of Associated Bank, managed the loan closing.
- Pine Tree Commercial Realty – $2,000,000 for the acquisition of Times Square Mall, a 262,168 square foot retail shopping center in Mount Vernon, IL. Pine Tree Commercial Realty, LLC is a leader in the development, acquisition, leasing and management of necessity-based retail properties throughout the United States, with retail partners ranging from national food and drug retailers to superstores and specialty shops. Pine Tree, headquartered in Chicago, was founded in 1995 and has since developed and acquired 64 shopping centers totaling approximately six million square feet, with an aggregate value of over $600 million. Vice President Krista Casper, Commercial Real Estate division of Associated Bank, managed the loan closing.
“Associated Bank is pleased to be able to support what clearly is becoming a significant economic turn-around in residential, commercial and industrial development in the greater Chicago area, as well as providing creative financing solutions for developers here with projects in other states,” said Greg Warsek, senior vice president and senior regional manager for the Chicago market at Associated Bank.
Headquartered in Chicago, Associated Bank’s Commercial Real Estate division is committed to providing its clientele of developers/owners/operators of commercial real estate with financing solutions and an array of products and services catering to the unique demands of their business. The Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio and Wisconsin.