Associated Bank announced the completion of a $28.35 million loan to a joint venture of North Park Ventures and SNS Realty Group for development of a new transit-oriented residential development in Chicago.
The loan included funds for acquisition of the former Tortenson Glass Co. which consists of nearly 30,000 square feet of urban infill land. The five-story, 99-unit apartment building will offer 84 market-rate units and 15-affordable units. The new development will be on the east side of Sheffield between Belmont and School Streets.
Demolition of the existing structures will begin shortly with completion of the new building planned for 2027. The unit mix will consist of four studios, 46 one-bedroom units, and 49 two-bedroom units.
Daniel Barrins, a senior vice president with Associated Bank’s Commercial Real Estate division in Chicago, managed the loan arrangements and closing. This is the first loan Associated Bank has provided to North Park Ventures and SNS Realty Group.
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The post Associated Bank Loans $28M for Chicago Transit-Oriented Apartment Development appeared first on Connect CRE.
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