CHICAGO – February 6, 2018 – Associated Bank announces the completion of a $14,505,000 refinance and construction loan for a multi-tenant retail project of Shorewood Development Group. The project, Woodfield Gatherings, will consist of three buildings totaling 30,074 sq. ft. at 1701-1741 E. Golf Road on the ring-road surrounding Woodfield Mall in Schaumburg, Ill. The parcel was formerly a parking lot for a JC Penney store.
Existing signed leases include Chuy's, Naf Naf Grill, Mod Pizza, and Honey Grow. Chuy's is currently open for business, and the remaining tenants will open in April. Woodfield Mall is the largest mall in Illinois based on square footage and the 10th largest mall in the US.
The project is Shorewood Development Group's third development in Schaumburg in the past two years. The company specializes in repositioning existing buildings and ground-up construction of retail projects, leveraging relationships throughout the Midwest in both the real estate and investment communities. Partners Aaron Roth and Louis Schriber, III founded Shorewood in 2007.
Vice President Daniel Barrins of 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 $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 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.