Associated Bank closed two loans totaling more than $35 million for the out-of-state projects of two Chicago developers.
Associated Bank funded the construction of a 391,355-square-foot manufacturing and distribution center in Columbus, Indiana. The bank provided a $28.3 million construction loan to LandMark Group Companies.
The second loan of $6.9 million, for an affiliated entity of Westminster Capital, allowed Westminster to acquire and reposition a 97,368-square-foot building at 6820 N. Wedgewood Road North in Maple Grove, Minnesota.
The Class-A building, built in 2005, was originally developed as a build-to-suit regional operations center with a commercial cafeteria for The Hartford Company. Hartford consolidated its operations at an existing office in Bloomington, Minnesota, and did not extend its lease at the building.
