CHICAGO – August 11, 2015 – Associated Bank has announced the completion of a $17 million construction loan for a new development at 2501 W Armitage in Logan Square. The developer is a partnership between Mario Greco and Dimitri Nassis of Spearhead Properties, LLC, and Chris Fifield of Fifield Construction and Realty, Inc. The loan was originated and managed by Vice President Michael McGovern of Associated’s Commercial Real Estate division.
The LEED Certified development will include two buildings comprised of 78 apartments and 6,500,SF of retail space along Armitage. The project will feature a private courtyard and large landscaped second floor terraces. In keeping with 1st Ward Alderman Proco Joe Moreno’s desire to increase affordable housing in his ward, eight affordable units will be made available. Once completed, the new apartments will offer tenants sleek modern finishes and an amenity package that includes an automated package room, high speed fiber internet service, a workout area, 55 parking spaces, bicycle parking and a 1,300 SF amenity space overlooking a 6,000 SF landscaped courtyard. Demolition is scheduled to start in early August and construction will begin soon after.
Spearhead Properties, LLC, headed by Mario Greco and Dimitri Nassis, is a real estate development firm that provides the market unique projects by focusing on inspired design coupled with a committed pursuit of high-quality craftsmanship. The firm seeks out investment opportunities in neighborhoods, especially those well located near transit stations..
Fifield Construction and Realty, Inc., managed by Chris Fifield, is a construction and real estate development firm dedicated to building on the tradition of success learned from both of Chris’ grandparents and his father. Chris’s experience began with his first construction company at age 18, and continued during his tenure as a Project Manager at Power Construction and then as a commercial lender at Corus Bank.
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.