CHICAGO – May 15, 2013 – Associated Bank recently announced the closing of $55,472,675 in nine commercial and residential real estate loans to area developers for projects in the greater Chicago area, Springfield, IL, St. Louis, MO, and Bonita Springs, Fla.
- Bridge Development – $7,031,000 construction loan for a 123,000 square foot warehouse at 2727 Higgins Road, Elk Grove Village, Ill. The building, located in the O’Hare airport submarket, will be marketed to freight forwarders, with the expectation that e-commerce trends and the O’Hare airport expansion will drive its marketability. Privately owned Bridge Development was founded in 2000 to focus on the acquisition and development of Class A investment-grade industrial buildings and business parks in the greater Chicago area. Senior Vice President Jerry Rotunno, Commercial Real Estate division of Associated Bank, managed the loan closing.
- BJB Partners – $6,850,000 to Diversey III, LLC, for refinance of a 92-studio unit multi-family building in Chicago’s Lincoln Park area and $5,880,000 to Columbia I, LLC, for refinance of an 81-unit renovated apartment building in the Rogers Park neighborhood. Founded in 1999, BJB Partners, LLC, based in Park Ridge, Ill., operates as real estate agents. Senior Vice President Michael McGovern, Commercial Real Estate division of Associated Bank, managed the loan closing.
- BRB Development – $3,705,000 construction loan for a 79,821 square foot, 4-story facility with 624 self-storage units on 2.25 acres at 27116 S. Tamiami Trail, Bonita Springs, Fla. 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.
- Lexington Place, LLC – $2,000,000 for construction of nine new homes, eight of which are already sold, in Chicago’s Bridgeport neighborhood. Founded in 1973, Lexington Homes focuses on high-density residential development and was the largest, most influential and prolific homebuilder throughout suburban Chicago during the 1970s and '80s. The company has built more than 40,000 homes in the greater Chicago area over the past four decades. Vice President, Michael McGovern, Commercial Real Estate division of Associated Bank, managed the loan closing.
- Henry Street Partners – $20,500,000 construction loan for a 99-unit apartment building with first floor retail at 1601 W. Division Street, Chicago. The transit-oriented development, with easy access to downtown, offers the neighborhood amenities of Bucktown and Wicker Park. The property is being developed by a partnership between Robert Buono, Paul Utigard and Mark Fishman. Vice President Krista Casper, Commercial Real Estate division of Associated Bank, managed the loan closing.
- Smithfield Properties – $1,000,000 term loan for refinance of a 13,150 square foot retail center with onsite parking at 1658 N. Milwaukee, Avenue, Chicago. Smithfield Properties, LLC is a Chicago-based real estate development company with projects that include award-winning residential high-rise condominiums, retail shopping centers, townhouses, industrial projects, student housing and high rise, mixed-use projects, some of which include: SoNo East, 30 West Oak, Joffrey Tower, and the Shops at State and Washington. Senior Vice President, Rob Burda, Commercial Real Estate division of Associated Bank, managed the loan closing.
- Quattro Springfield Red Robin – $1,006,675 acquisition loan for a land parcel at 2881 S. Veteran’s Parkway, Springfield, Ill., to be leased to Red Robin. According to Rob Walters of Quattro Development, “We like the Springfield market because it draws customers from a wide geography and has a stable economic base. This is our third development in Springfield and the second former Lonestar Steakhouse we’ve acquired.” Vice President Krista Casper, Commercial Real Estate division of Associated Bank, managed the loan closing.
- Universatile Development and Rothschild Development – $7,500,000 for renovation of Laclede Lofts a multi-family historic building at 3965 Laclede Ave. in St. Louis, Mo. The project includes converting the old Pfeiffer Pharmaceutical Co. building into 50 luxury loft apartments. There also will be 21 one-bedroom, 25 two-bedroom and four three-bedroom apartments, along with 19 indoor parking spaces and 47 spaces in a outdoor lot separated by a garden space. The development received approval for $2.2 million in Missouri Historic Preservation Tax Credits, as well as $1.8 million in federal tax credits. Senior Vice President, Jodi Cloninger, Commercial Real Estate division of Associated Bank, managed the loan closing.
"The Commercial Real Estate Division is pleased to be able to partner with visionary development and construction firms on these diverse projects,” said Greg Warsek, senior vice president and senior regional manager for the Chicago market at Associated Bank. “Our goal is to find every means possible to provide the necessary financing for projects that support and help improve the continued economic growth in these communities.”
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.