CHICAGO – August 15, 2017 – Associated Bank announces the closing of a $16,497,000 acquisition and construction loan to Bridge Development Partners for the development of a 323,343 sq. ft. multi-tenant, state-of-the-art Class A speculative industrial building at 1531-1541 South 54th Avenue in Cicero, Illinois. The 18.5-acre property is located just south of the intersection of West Roosevelt Road and South 54th Avenue, with immediate access to I-290 via the Central Avenue interchange just one mile north. The parcel was formerly a General Electric manufacturing facility.
New tenant spaces in the property will feature 36-foot clear ceiling heights and 320-foot depths. The project will also have 50 exterior docks (expandable to 66), two drive-in doors, 80 trailer positions, 267 parking spaces, and state-of-the art sprinkler and lighting systems. Completion of the building is anticipated by June 2018.
Chicago-based Bridge Development Partners develops investment-grade buildings and business parks and also acquires land for the development of speculative and build-to-suit projects. They acquire existing Class A and Class B facilities and are one of the largest owners of cold storage and refrigerated facilities in the Chicago market.
Daniel Barrins, vice president in the Commercial Real Estate division of Associated Bank, originated the loan.
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, Texas and Wisconsin.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of nearly $30 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 over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
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