CHICAGO – August 8, 2019 – Associated Bank announces completion of a $19,128,787 loan to Logistics Property Company, LLC (LPC) for the construction of Brewster Creek Logistics Park in Bartlett, Illinois.
The project will include the development of two Class A distribution facilities totaling 414,000 square feet. The facilities will be located on the northeast corner of Stearns and Munger Roads at the entrance to the 670-acre, mixed-use Brewster Creek Business Park. Formerly a gravel quarry, the Village of Bartlett partnered with Elmhurst-Chicago Stone Company in 1999 to redevelop the quarry site into one of the premier business parks in the Chicago area.
“Associated Bank’s consummate professionalism and flexibility made them an ideal financial partner for this project,” said LPC’s Chief Financial Officer Mark Skinner. “We trust this will be the beginning of a long, mutually beneficial business relationship for our respective teams both in the Midwest and beyond.”
LPC focuses on the acquisition, development and management of state-of-the-art logistics properties throughout the country. It currently manages properties in key logistics markets including Dallas, Houston, Chicago and Seattle-Tacoma with an estimated end-value of over $1.25 billion. Headquartered in Chicago, LPC has offices in Atlanta, Dallas, Houston, Los Angeles and Seattle with office openings slated for Philadelphia and Miami.
Andy Roberts, a senior vice president with Associated Bank’s Commercial Real Estate team, handled the loan arrangements and closing. “We’re excited for the opportunity to work with the experienced team at LPC and help them expand in Chicago and other markets throughout the country,” Roberts says.
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. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.
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ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $33 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 240 banking locations serving more than 120 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas.