CHICAGO – August 11, 2016 – Associated Bank recently announced the completion of syndicated financing in the amount of $72.5 million for the construction of Webster Square Condominiums, a project of Sandz Development Company. Associated Bank was the Lead Arranger / Administrative Agent with a $25 million hold. Other participants included The Private Bank, Co-Lead Arranger and Syndication Agent, with a hold of $25 million and Flagstar Bank with $22.5 million.
Webster Square Condominiums will be located at 540 West Webster Avenue in Chicago, across from OZ Park in the well-established Lincoln Park neighborhood, at the intersection of Lincoln Avenue, Webster Avenue and Geneva Terrace. “This development is notable as adaptive reuse of the former Lincoln Park Hospital, which closed in 2008.” said Senior Vice President Russell Ruhnke of the Commercial Real Estate division of Associated Bank.
The twelve-story, 95-unit upscale building will feature a wide variety of unique condominium floor plans ranging from one to four bedrooms sized at just over 900 square feet to more than 3,100 square feet. The development will also include eight adjacent single-family home sites along Grant Place. Completion is anticipated in early 2017.
Sandz Development Company has been active in Lincoln Park real estate since the early 1970s. The firm has completed a number of successful luxury high-rise condo developments, including 600 N. Lake Shore Drive and 530 N. Lake Shore Drive in Streeterville, and The Whitney at 1301 N. Dearborn in The Gold Coast. Sandz also was the developer of the adjacent 75-unit luxury apartment building, Webster Square Apartments, completed in 2014.
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.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $29 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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