Associated Bank provides loan to Life Storage/LSC Development
CHICAGO - Sept. 17, 2012 - Associated Bank recently provided a $13.8 MM redevelopment loan to Life Storage/LSC Development in Chicago, Ill. The loan will be used to convert the 114,144 square foot Stein Furniture building located at 1030 W. North Ave. into a mixed use development with more than 500 units of self storage and 58,000 square feet of commercial retail and office spaces.
"Life Storage is a valued client of Associated Bank, having consummated the financing of eight self storage properties over recent years," said Ted Notz, relationship manager, Associated Bank Commercial Real Estate. "Life Storage has set themselves above their industry peers as leaders in the sector, with a focus on delivering the highest level of customer experience to be found around Chicagoland, and the country as the brand is expanding nationwide."
Life Storage brand was developed by partners Christopher S. Barry and Jean L. Jodoin in 2002 after a thorough examination of the self-storage business. The goal was to bring their innovative and cutting edge experience to the Chicago market and to make self storage a more professional, better run business with the next level of excellence by providing cleaner facilities, customer service and dedication being better than the competition. Life Storage owns and operates 20 facilities throughout the Chicago land area. Two additional facilities are planned to open their doors in 2012.
"We've been looking in this area for a while, and the close proximity to prominent retailers will offer us really great exposure," said Christopher S. Barry, owner of Life Storage. "As a company, we're constantly trying to find prime areas to open new facilities, and we take great care and perform our due diligence before taking that next step. We are truly thrilled with our new location."
"We are proud to be doing business with Life Storage/LSC Development and to be part of helping their business grow and succeed. The Ohio Street project is keeping with Life Storage/LSC Development's ability to recognize and capitalize on opportunities to repurpose well situated, otherwise functionally obsolete commercial properties, meeting untapped demand for quality self storage product in their respective markets," said Notz.
The Commercial Real Estate division of Associated Bank, headquartered in Chicago, Illinois, is committed to providing its clientele of professional developers/owners/operators of commercial real estate with bank balance sheet financing solutions, and an array of products and services catering to the unique demands of their business. As one of the top 50 financial institutions in the U.S., Associated's team converts potential into prosperity with a depth of experience and provides customized, flexible real estate financing. Commercial Real Estate offices are located in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio and Wisconsin.
About Associated Banc-Corp
Associated Banc-Corp (NASDAQ: ASBC) has total assets of $22 billion and is one of the top 50 financial services holding companies operating in the United States. Headquartered in Green Bay, Wis., Associated has more than 250 banking locations serving more than 150 communities throughout Wisconsin, Illinois and Minnesota. The company offers a full range of banking services and other financial products and services. 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.
Contact: Nicole Koremenos
Public Relations Specialist