Associated Banc : Bank announces $12.9M financing for redevelopment of Chicago shopping center

CHICAGO - June 7, 2021 - Associated Bank has completed a $12,960,000 loan for the acquisition of an existing retail shopping center and surface parking lot at 4501 North Sheridan Road, Chicago. Plans are to demolish the existing center and build a new five-story, mixed-use building, consisting of 7,035-square feet of ground-floor retail space, 59 apartments and 36 surface parking spaces. The project is located at the northeast corner of North Sheridan Road and West Sunnyside Avenue in Chicago's Uptown neighborhood.

The development will be a joint venture between Mavrek Development and GW Properties. Mavrek Development will also act as the general contractor. The apartment mix will include 11 studio units, four junior one-bedroom units, 36 one-bedroom units and five two-bedroom units. The developer is constructing larger unit sizes for this project versus traditionally smaller ones currently available in the Uptown area. The new apartments will feature amenities preferred by work-from-home professionals, including in-unit laundry, built-in workstations and private, recessed balconies for each unit. The second floor will feature an outdoor green roof. The property is 0.3 miles from the Wilson Ave Purple / Red line L Station.

Mavrek Development specializes in commercial and large residential developments that breathe life back into local neighborhoods. GW Properties has expertise in retail and mixed-use properties, and practices respectful development through its collaborative approach of uncovering opportunities, optimizing value and enhancing communities.

This is Associated Bank's first loan with Mavrek Development and its 14th with GW Properties. Daniel Barrins, a senior vice president with Associated Bank's Commercial Real Estate group, handled the loan arrangements and closing.

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. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.

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ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $35 billion and is Wisconsin's largest bank holding company. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 240 banking locations serving more than 120 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas.