Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Associated Bank Lends on Crystal Lake Manufactured Homes
Associated Bank completed a $36,840,000 loan to a partnership of Marc Realty and Ravinia Communities for the acquisition and expansion of Oakbrook Estates, a manufactured community at 917 Crookedstick Ct. in Crystal Lake, IL. Located two miles east of downtown Crystal Lake, Oakbrook Estates is an age-restricted, 300-home active-adult community.
Purchase of the property, described as a “picturesque setting with natural rolling terrain, thick aged oak trees, and waterfront scenery,” included excess land on which another 114 additional homes sites will be created. Chicago Metra’s Pingree Road Station is located less than two miles northwest of the site, providing commuter rail access to Chicago’s CBD.
Associated Bank was the lead arranger and administrative agent, working with Great Southern Bank. Edward Notz, an SVP with Associated Bank’s commercial real estate division, together with Associated Bank’s loan syndications team, handled the loan arrangements and closing.
- ◦Sale/Acquisition
- ◦Financing
