Associated Bank Furnishes Loan for Uptown Redevelopment
Associated Bank has completed a $12,960,000 loan for the acquisition of an existing retail shopping center and surface parking lot at 4501 N. Sheridan Rd. in Chicago’s Uptown neighborhood.
The development will be a joint venture between Mavrek Development and GW Properties. Mavrek will also act as the general contractor.
Plans are to demolish the existing center and build a new five-story, mixed-use building, consisting of 7,035 square feet of ground-floor retail space, 59 apartments and 36 surface parking spaces. The apartments will be built larger than the traditionally smaller units available in the Uptown area.
SVP Daniel Barrins with Associated Bank’s commercial real estate group handled the loan arrangements and closing. This is Associated’s first loan with Mavrek and its 14th with GW Properties.