Associated Bank lends $23 million for two Chicago-area construction projects


Associated Bank completed two construction loans totaling more than $23.4 million.

The first loan, for $13,020,000, was to Conor Commercial Real Estate for the construction of a 265,550-square-foot speculative industrial building on previously vacant land at 27W460 St. Charles Road in Winfield.

Construction of the North Avenue Commerce Center is expected to be completed by the end of this year.

The second loan for $10.4 million, was to GW Properties for the purchase a 77,000-square-foot property at 1113 S. Jefferson St. in Chicago.

According to Rejournals, The site is just north of Manny’s Cafeteria & Delicatessen and just west of the Maxwell shopping center. GW Properties plans to redevelop the site, currently occupied by a Marathon gas station and garage, with a three-building retail project totaling 16,000 square feet.

Construction is scheduled to begin in the third quarter with initial leases announced later this summer.


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