Associated Bank announces the completion of syndicated financing in the amount more than $36 million for Rockwell Partners to acquire and redevelop the 356-unit Huntington Condos, 20 South Naper Blvd., at the intersection of Naper Blvd. & Maple Ave. in Naperville, Ill.
Following the acquisition of 313 condominium units operated as apartments by the previous owner, and the acquisition of another 43 units from their respective owners, Rockwell Partners plans to remove the condominium ownership structure encumbering the property and return the project to its income-producing multi-family ownership structure in effect prior to the 2007 condominium conversion. The loan will also enable them to renovate units, as well as make capital improvements to the buildings and add amenities.
Rockwell Partners is a Chicago-area real estate investment and property management firm specializing in the management and redevelopment of multi-family, mixed-use and commercial properties. Rockwell currently manages more than 2,000 residential units in the greater Chicago metropolitan area,
Associated Bank was the lead arranger Administrative Agent with a $20,000,000 hold, with First Midwest Bank holding the remainder of the $36,267,000 loan. Vice President Michael Olson 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’s Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio and Wisconsin.