CHICAGO – June 28, 2018 – Associated Bank announces the recent completion of two construction loans totaling more than $23.4 million. The first loan, for $13,020,000, was to Conor Commercial Real Estate for the construction of a 265,550-square-foot speculative industrial building on previously vacant land at 27W460 St. Charles Road in Winfield, Illinois. Construction of the North Avenue Commerce Center is expected to be completed by the end of this year.
Conor Commercial Real Estate is the integrated real estate development and investment arm of The McShane Companies headquartered in suburban Chicago with offices in Dallas, Houston, Irvine and Phoenix. Conor Commercial Real Estate is active on a local, regional and national basis in the development of master-planned industrial and office parks, medical office developments, speculative industrial and office properties and build-to-suit projects for lease or purchase.
The second loan, for $10.4 million, was to a venture of GW Properties for the purchase a 77,000-square-foot property at 1113 S. Jefferson Street, Chicago. The site is just north of Manny's Cafeteria & Delicatessen and just west of the Maxwell shopping center. GW Properties plans to redevelop the site, currently occupied by a Marathon gas station and garage, with a three-building retail project totaling 16,000 square feet. Construction is scheduled to begin in the third quarter with initial leases announced later this summer.
GW Properties is involved in the brokerage, investment, and development of over $500 million of real estate in the Chicagoland area and practices respectful development through its collaborative approach of uncovering opportunities, optimizing value, and enhancing communities.
Vice President Brian P. Rogan of the Commercial Real Estate division of Associated Bank originated both loans.
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 $33 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 230 banking locations serving more than 110 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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