CHICAGO – August 6, 2015 – Associated Bank has announced the completion of its sixth construction loan for Chicago-area developer Lexington Homes. The $6,250,000 loan will finance the construction of Lexington Crossing of Rolling Meadows, 54 townhouses located at 3245 W. Kirchoff in Rolling Meadows, Ill. Townhomes in the 11-building project will range from 1,603 SF to 1,914 SF in configurations of 2 - 3 bedrooms that include 2.5 baths and a 2-car garage. Prices are expected to start at just under $300,000 per unit.
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 1980s. The company has built more than 40,000 homes in the greater Chicago area over the past four decades. Vice President Michael McGovern of the Commercial Real Estate division of Associated Bank managed the July 2nd loan 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.
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