CHICAGO – June 8, 2020 – Associated Bank announced the completion of a $19,927,696 construction loan to Green Street Realty and Jackson Dearborn Partners for a student housing project adjacent to the University of Illinois at Champaign-Urbana.
ICON, the six-story, 276-bed student housing building will be located at 309 East Springfield Avenue in the Campustown neighborhood of Champaign, Illinois. The project will have studio, one-, two-, three- and four-bedroom units with bed-to-bath parity. Amenities will include a fitness center, lobby and lounge area, and a third-floor deck with an outdoor grilling area. Ground has been broken and completion is anticipated in time for the start of the 2021 / 2022 school year.
Green Street Realty, located in Champaign, Illinois, specializes in the management of commercial and residential property. The company manages over 3,000 residential rental units, including over 3,500 student housing beds located on the University of Illinois, Illinois State University and Eastern Illinois University campuses. Jackson Dearborn Partners is a real estate investment and development company specializing in multi-family and student housing. The company has four Opportunity Zone projects currently underway to add to its existing portfolio of assets.
Senior Vice President Alec Bliss 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 $34 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.