Union Bank completes US$59 million loan market screener for Chicago’s 20-story apartment and retail project

2021-11-04 03:18:08 By : Mr. Hong Fan

Chicago-November 2, 2021-Associated Bank announced the completion of a US$59,726,778 loan to Greystar / GS Aberdeen Owner, LLC for the construction of a 223-unit, 20-story apartment building at 166 North Aberdeen Street in Chicago.

The project will be built on a 0.6-acre plot, which is the former site of the Fabbri Sausage factory, and will also have approximately 3,500 square feet of street retail. The unit configuration will include 80 studios, 100 one-bedrooms, 37 two-bedrooms and six three-bedrooms. Of the total, 23 will be designated as affordable housing. Unit finishes include quartz countertops, stainless steel appliances, gas stoves, and stackable washer/dryers. A deck with outdoor swimming pool and hot tub, club room, dog park and fitness center will complete the public area facilities. There will be 74 parking spaces.

The building is located in the heart of Chicago's Fulton Market District (West Loop), just a few blocks from the CTA's Morgan Street "El" station, McDonald's headquarters and Google Chicago headquarters. It is expected to be completed in the spring of 2023.

Greystar is a global leader in rental housing, with expertise in real estate in multiple regions. The company's business model is unique in its ability to own, operate, and develop universities, multi-family homes, businesses, and high-end residences globally.

Associated Bank is the lead arranger and administrative agent, cooperating with ServisFirst Bank and Old Second National Bank. Edward "Ted' Notz, Senior Vice President of the Commercial Real Estate Department of Union Bank, handled the loan arrangement and closure.

The Commercial Real Estate Department of Associated Bank is committed to providing commercial real estate developers/owners/operators with a series of financing solutions, as well as products and services that meet their unique needs. The department has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas, and Wisconsin.

About ASSOCIATED BANC-CORP Associated Banc-Corp (NYSE: ASB) has total assets of $34 billion and is the largest bank holding company in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest bank franchisee, providing a full range of financial products and services through more than 200 bank branches, providing services to more than 100 communities in Wisconsin, Illinois, and Minnesota Services and provides commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, NA is an Equal Housing Loan Agency, Equal Opportunity Loan Agency and a member of the FDIC. For more information about Associated Banc-Corp, please visit www.associatedbank.com.

Associated Banc-Corp published this content on November 2, 2021, and is solely responsible for the information contained in it. Distributed by the public at 14:04:12, November 3, 2021 UTC, unedited and unaltered.