Associated Bank has completed a $21.14 million construction loan for Wildwood Investments, LLC, and Concord Capital to convert an existing 93,707 square foot retail and office building at 230 East Ohio Street, Chicago, into 72 multifamily units.

The seven-story property will offer a mix of studio, one- and two-bedroom units with an average size of 811 square feet. Existing first-floor retail, which includes Dao Thai Restaurant & Noodle Palace, Eye Society and YA Skin Studio, will be open throughout construction. Construction is expected to be completed by December 2026.

Based in Chicago, Wildwood specializes in the development of new construction apartment projects in Chicago ranging from 40-100 units in a sponsor capacity. For larger projects, Wildwood forms joint venture relationships. Concord Capital is a Chicago-based real estate investment and development firm specializing in multifamily and adaptive reuse projects. Elizabeth Hozian, a senior vice president of Associated Bank’s Commercial Real Estate group, handled the loan arrangements and closings.