CHICAGO – November 25, 2015 – Associated Bank announced the completion of a $7.5 million construction loan for Three Corners Development and Madison Construction. The project is the development of three mixed-use residential apartment buildings at 1301 W. Devon, 6359 N. Wayne, and 1244 W. Devon in Chicago. The three-story apartment buildings, located in Chicago’s Rogers Park neighborhood, will feature 22 units and approximately 12,000 sf of first-floor retail space.
The project continues the momentum of Three Corners Development’s redevelopment of the entire former Weinstein Funeral Home site, a 43,000 sf, non-contiguous assemblage that was a pronounced blight on that key stretch of Devon Avenue just west of Loyola University’s lakeshore campus. Phase I of the redevelopment saw the removal of existing buildings, followed by the construction of Heartland International Health Center’s Heartland Health Center - Devon. The Center is the first Federally Qualified Health Center in Illinois to achieve LEED Platinum.
The Devon Apartments became possible once the transformation and activation of that stretch of Devon began to address the community and population component of the overall vision Three Corners Development had for the area. Today there is significant additional investment taking place on Devon Avenue, including a micro-brewery and bistro café restaurant.
Three Corners Development is a commercial real estate development company devoted to strategic, sustainable, long-term investments throughout the Midwest and beyond. The company has expertise in diverse fields such as project feasibility, project analysis, architecture, site control, project management, marketing, complex financial structures, and structured financing. Madison Construction manages large and complex national and regional construction projects ranging from planned mixed-use communities to premier convention center districts such as McCormick Place. Most recently, Madison worked on the reconstruction project at Chicago’s Navy Pier and commenced construction on several affordable housing projects for clients including: Chicago Housing Authority, Community Builders and Housing Authority of Cook County.
“We are excited about the Devon development and hope this is the first of many projects we can collaborate on with Madison Construction and Three Corners Development,” said Craig Przygoda, senior vice president with Associated’s Commercial Real Estate Division in Chicago who originated and managed the 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.