CHICAGO – January 28, 2016 – Associated Bank announced completion of over $47 million in loans for two Chicago-area cold storage projects. The first was an $8 million debt refinancing and construction loan to 120 Palatine LLC for capital improvements and leasing expenses of a previously vacant 115,000 sf cold storage/freezer food manufacturing/distribution facility at 120 West Palatine Road in Wheeling. The building will be leased by Richelieu Foods.
Associated Bank was the Lead Arranger and Administrative Agent of a $39,554,331 facility credit for Wanxiang America Real Estate Group and Clarius Partners / Paulina North and Paulina South for a 227,700 sf cold storage warehouse/distribution center at 2302 S. Paulina Street. The project, located in Chicago’s Pilsen neighborhood, is a build-to-suit for Preferred Freezer which is expanding existing operations in Chicago and has taken a long-term lease on the facility.
Headquartered in Chicago, Wanxiang America Real Estate Group is a real estate investment firm specializing in opportunistic and value-add real estate with a portfolio that includes virtually all commercial product types from coast to coast. Clarius Partners is a full-service real estate investment and development company managing select office, medical, industrial and land development projects in several major real estate markets in the United States, including Illinois, Pennsylvania, Arizona and California.
Senior Vice President Edward (Ted) Notz of the Commercial Real Estate division of Associated Bank managed both loans.
Headquartered in Chicago, Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. Associated’s Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio and Wisconsin.