CHICAGO – February 7, 2020 – Associated Bank announced a $15,484,000 loan to The CEDARst Companies for the acquisition of a 22,500 square-foot land parcel and subsequent construction at 5440 N. Sheridan Road in Chicago's Edgewater neighborhood.
The company will develop a 78-unit, five-story apartment building on the property, which is currently the site of a surface parking lot. The apartments will include a mix of studio, one-bedroom, twobedroom and three-bedroom units within walking distance of Foster Beach, Kathy Osterman Beach and the Lake Front Trail. The apartments will be conveniently close to the Berwyn Red Line Station and numerous bus routes.
Method Development, a wholly owned subsidiary of CEDARst, will serve as general contractor for the project. Method has managed more than a dozen redevelopments of this scale with CEDARst on Chicago’s north side. Once completed, the apartments will be managed by FLATS®, an affiliate of CEDARst. FLATS manages over 500 apartment units in the Uptown neighborhood and over 1,500 units throughout Chicago.
The CEDARst Companies is a diversified holding company headquartered in Chicago with major interests in real estate, hospitality, entertainment and a number of venture start-ups.
Senior Vice President Daniel Barrins of the Commercial Real Estate division of Associated Bank managed the loan and closing.
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. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.
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ABOUT ASSOCIATED BANC-CORP Associated Banc-Corp (NYSE: ASB) has total assets of $32 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 more than 240 banking locations serving more than 120 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas.