CHICAGO – August 27, 2015 – Associated Bank announces the completion of a $1,450,000 construction loan for the conversion of an existing office building into 10 apartments. The project, being developed by City Pads LLC, is located at 5701 N. Ashland in Andersonville on Chicago’s north side.
When completed, the building will have eight 2-BR and two 1-BR units. One apartment will be rented at 60% of the rental rate and deemed an affordable unit. All units will all be renovated to condo-quality finishes including granite countertops, stainless steel appliances, hardwood floors, individual HVAC, updated bathrooms and on-site parking.
City Pads LLC, is a real estate development firm that acquires mixed use and multifamily apartment buildings in Chicago that have potential value-add opportunities and upside on market rents, as well as adaptive re-use developments. Andy Ahitow, manager of City Pads’ $20 million portfolio, is also managing partner and co-founder of Chicago Apartment Finders. City Pads was started in June of 2015 to leverage the Chicago Apartment Finders operations and Andy's experience operating urban real estate investments.
The loan was originated and managed by Vice President Michael McGovern of Associated’s Commercial Real Estate division.
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.