CHICAGO – November 8, 2018 – Associated Bank announces the completion of a $3,813,000 loan to JSM Venture, Inc. to finance the acquisition and provide funds for capital improvements for the renovation of an existing 115,379-square-foot office/industrial building located at 1309 S. Cicero Avenue in Cicero, Ill. The property, which is located just south of the intersection of Roosevelt Road and Cicero Avenue, is the former home of Brad Foote Gear Works. JSM will convert the building into a 100-percent climate-controlled facility with approximately 63,587 square feet of net-rentable space across 693 units.
JSM’s acquisition also includes a 28,000-square-foot industrial building that they will either demolish and pave for parking, or improve and lease at a market rate.
Northfield, Ill-based JSM Venture is a self-storage developer headed by John S. Mengel. The company has extensive experience in ground-up development and the adaptive reuse of existing structures into self-storage facilities. Since 2005, JSM has acquired, converted and sold 15 self-storage properties totaling over 1.3-million square feet.
This is the 13th JSM Venture project financed by Associated Bank. Vice President Daniel Barrins of the Commercial Real Estate division of Associated Bank managed the loan and closing.
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 Bank’s Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of over $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 over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.