Associated Bank recently announced the completion of syndicated financing in the amount of $72.5 million for the construction of Webster Square Condominiums, a project of Sandz Development Company.
Webster Square Condominiums will be located at 540 West Webster Avenue in Chicago, across from OZ Park in the Lincoln Park neighborhood at the intersection of Lincoln Avenue, Webster Avenue and Geneva Terrace.
The twelve-story, 95-unit upscale building will feature a wide variety of unique condominium floor plans ranging from one to four bedrooms sized at just over 900 square feet to more than 3,100 square feet. The development will also include eight adjacent single-family home sites along Grant Place. Completion is anticipated in early 2017.
Sandz Development Company has been active in Lincoln Park real estate since the early 1970s. The firm has completed a number of successful luxury high-rise condo developments, including 600 N. Lake Shore Drive and 530 N. Lake Shore Drive in Streeterville, and The Whitney at 1301 N. Dearborn in The Gold Coast. Sandz also was the developer of the adjacent 75-unit luxury apartment building, Webster Square Apartments, completed in 2014.
Associated Bank was the Lead Arranger / Administrative Agent with a $25 million hold. Other participants included The Private Bank, Co-Lead Arranger and Syndication Agent, with a hold of $25 million and Flagstar Bank with $22.5 million.