Associated Bank has announced the completion of a $17 million construction loan for a new development at 2501 W Armitage in Logan Square.
The developer is a partnership between Mario Greco and Dimitri Nassis of Spearhead Properties, LLC, and Chris Fifield of Fifield Construction and Realty, Inc. The loan was originated and managed by Vice President Michael McGovern of Associated’s Commercial Real Estate division.
The LEED Certified development will include two buildings comprised of 78 apartments and 6,500 square feet of retail space along Armitage.
The project will feature a private courtyard and large landscaped second floor terraces. In keeping with 1st Ward Alderman Proco Joe Moreno’s desire to increase affordable housing in his ward, eight affordable units will be made available. Once completed, the new apartments will offer tenants sleek modern finishes and an amenity package that includes an automated package room, high speed fiber internet service, a workout area, 55 parking spaces, bicycle parking and a 1,300 SF amenity space overlooking a 6,000 SF landscaped courtyard. Demolition is scheduled to start in early August and construction will begin soon after.
