CHICAGO – December 2, 2015 – Associated Bank announced the completion of a $6.2 million loan to David Israel / Learsi & Co for the re-tenanting of a former JC Penney store at Regency Mall, 5900 Durand Avenue, Racine Wis. When construction of the 130,000 sf property is completed, multiple tenants will occupy the former Penney’s space, which is the western anchor of the mall. New tenants will include Party City, which just took possession of their space, as well as JoAnn Fabrics and Ross Dress for Less. Associated Bank also provided Learsi & Co. with financing to acquire the property in late 2014.
“Repurposing the space with new retailers will be an economic boost to the area by helping increase mall traffic and adding sales tax revenue for the City of Racine,” said Rosemary Kehr, senior vice president at Associated Bank’s Commercial Real Estate division who originated and managed the closings of both loans. “David Israel, a long-time client of Associated Bank, has a track record of success in re-tenanting older retail centers. We were pleased to work with him on this project.”
Israel has over 30 years of commercial real estate experience specializing in redevelopment of retail properties in Illinois and Wisconsin.
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.