Associated Bank recently announced the completion of more than $25 million in financing for shopping centers in Illinois and Missouri under development by Pine Tree Commercial Realty LLC.
A $12.8 million construction loan will enable Pine Tree and partners Wanxiang America Real Estate Group and Sansone Group to redevelop the Times Square Mall, a 281,000-square-foot retail shopping center located at 42nd and Broadway in Mt. Vernon, Ill. Times Square is anchored by JC Penney, Hobby Lobby, Ross and Big Lots. Associated Bank previously provided the partnership with the $2 million loan for acquisition of the mall.
Associated also provided Pine Tree and partners Wanxiang and Osprey Real Estate Capital with $12.75 million for the acquisition and construction of the Shoppes at Shoal Creek, a 97,085-square-foot shopping center anchored by Office Max and Best Buy. Built in 2005, the Shoppes are located in the Liberty Retail Corridor near I-35 and Highway 152 in Kansas City, Mo. Anchored by Best Buy and Office Max, the property is 97 percent occupied. A new 15,600-square-foot La-Z-Boy store is currently under construction, with plans to open this summer.
Vice President Krista Casper, Commercial Real Estate division of Associated Bank, managed both loan closings.
