Associated Bank recently announced completion of a $7,620,000 construction loan to CEDARst Companies for a five-story, 40-unit apartment building located at 4725 N. Clifton Ave. in Chicago, just south of Lawrence Avenue.
Located in the heart of the Uptown Square Historic District, Clifton Uptown, the new transit-oriented development, will consist of 12 studio units, 28 one-bedroom units and 1,839 square feet of ground-floor retail space. Across the street from the historic Aragon Ballroom, the building will be in keeping with the character of the district. The site is conveniently adjacent to the CTA Red Line Lawrence Station that is in the final stages of completing a $2.1 billion Red and Purple Line Modernization
CEDARst was a pioneer in multifamily development in Uptown, filling an un-met demand for high quality apartments at an approachable price point. Clifton Uptown is across the street from one of CEDARst’s other projects also financed by Associated Bank – the landmark Bridgeview Bank Building that CEDARst acquired in 2019.
Daniel Barrins, a senior vice president with Associated Bank’s Commercial Real Estate division, managed the loan arrangements and closing.
