Associated Bank has completed a $14,505,000 refinance and construction loan for a multi-tenant retail project of Shorewood Development Group. The project, Woodfield Gatherings, will consist of three buildings totaling 30,074 square feet at 1701-1741 E. Golf Road on the ring-road surrounding Woodfield Mall in Schaumburg, IL. The parcel was formerly a parking lot for a JC Penney store.
Existing signed leases include Chuy’s, NafNaf Grill, Mod Pizza and Honey Grow. Chuy’s is currently open for business, and the remaining tenants will open in April. Woodfield Mall is the largest mall in Illinois based on square footage and the 10th largest mall in the U.S.
The project isShorewood Development Group’s third development in Schaumburg in the past two years. The company specializes in repositioning existing buildings and ground-up construction of retail projects, leveraging relationships throughout the Midwest in both the real estate and investment communities.
Daniel Barrins, vice president of the commercial real estate division of Associated Bank, originated the loan.
