Bridgeview Bank Redevelopment Lands $44M Financing
Associated Bank provided a $43.8-million financing package to CEDARst for the historic redevelopment of the Bridgeview Bank building, 4753 North Broadway in the North Side’s Uptown neighborhood. The bank will act as lead arranger for a $35.4-million construction loan and a federal Historic Tax Credit bridge loan of $3.4 million, while Associated Community Development will provide $5 million in Historic Tax Credit equity.
The property is an existing 12-story, mixed-use retail and office building dating from 1924. The City of Chicago granted the property landmark status in 2008.
The project is the adaptive reuse of approximately 134,731 square feet of mixed-use space, including 176 apartment units along with 20,484 square feet of traditional office and 21,184 square feet of shared office.
Work will commence immediately, with Phase 1 construction of the offices slated for completion in the second quarter of 2022. Phase 2 is targeted for completion in Q1 2023.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).