Dealmaker: Associated Bank Secures $31M

Associated Bank, Green Bay, Wis., secured $31.2 million for multifamily and retail assets in Chicago and Buffalo Grove, Ill.

In Chicago’s Woodlawn neighborhood, Associated Bank Commercial Real Estate closed a $7 million construction loan and placed $13 million in Low-Income Housing Tax Credit equity for the Johnson Butler-Lindon Apartments. The Illinois Housing Development Authority issued the tax credits for the project; Associated Bank partnered with Boston Capital to provide the equity.

Built in the late 1920s, the two-buildings were renovated in the 1990s. Non-profit organization Preservation of Affordable Housing, Boston, acquired the buildings in late 2017. Located at 6230 S. Dorchester Avenue, the Johnson building includes 64 units in a five-story elevator building. The Butler-Lindon building at 6146 S. Kenwood Avenue has 42 units in a six-story elevator building.

Associated Bank Commercial Real Estate Senior Vice President Krista Casper handled the loan arrangements and closing and Senior Vice President Teresa Rubio managed the equity investment.

Associated Bank also closed an $11.2 million loan to Shorewood Development Group to refinance an existing land acquisition loan and provide funds to construct The Shops of Buffalo Grove in Buffalo Grove, Ill. Associated Bank Commercial Real Estate Vice President Daniel Barrins originated the loan.

The Shops of Buffalo Grove is a two-building, 25-acre retail development at the intersection of Milwaukee Avenue and Deerfield Parkway. Tenants including Starbucks, Panera Bread and Great Clips should be open for business later this spring.

The loan represented Associated Bank’s 10th loan to Shorewood Development Group, which specializes in repositioning existing buildings and ground-up construction of retail projects.