CHICAGO – June 21, 2016 – Associated Bank recently announced the completion of syndicated financing in the amount of $38 million for the conversion of a former Chicago warehouse and vacant lot at 678 N. Kingsbury into 41 luxury condominium units. Prices for The Ronsley Condominiums will average $600 a square foot for units ranging in size from 1,500 sf to a 4,600 sf penthouse. The conversion project, which sits in River West near Erie Cafe and the Ohio Street ramp to I-90/94, will integrate the existing warehouse building with a new building constructed on the adjacent triangular shaped lot. The end unit at the intersection of Erie and Kingsbury will be a separate townhouse unit.


The Ronsley Condominiums are being developed by LG Construction + Development, a Chicago- based residential and commercial developer with its roots in custom high-end single-family homes. Construction recently began with completion anticipated by summer 2017. Over half of the units were pre-sold by the time of loan closing.


Associated Bank was the co-lead arranger with Private Bank, and Centrue Bank also participated. Vice President Michael McGovern of the Commercial Real Estate division of Associated Bank managed the loan and closing.


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.