Chicago’s Associated Bank recently closed loans for two commercial projects in northern Illinois. The two loans totaled $25.3 million.
Associated Bank closed a loan of more than $4.1 million for 440 Rand Road, LLC for construction of the Retail Shoppes of Lake Zurich, a 12,600-square-foot shopping center at the northeast corner of Rand Road and Route 22 in Lake Zurich, Ill.
Construction has just begun on the two-building project, the first of which 7,200 square feet and 100 percent preleased to Sleepy’s The Mattress Professionals and The Vitamin Shoppe. The second building, at 5,400 square feet, is available for lease. Senior vice president Rosemary Kehr, from the commercial real estate division of Associated Bank in Chicago, originated the loan and managed the loan closing.
Associated Bank also closed a $21.1 million loan for Marquette Companies/Next Generation Development $21,100,000 for completion of construction at Randall Highlands, 146 luxury townhome apartments on the southwest corner of Orchard and Randall Roads in North Aurora, Ill.
Senior vice president Craig Przygoda, from the commercial real estate division of Associated Bank, originated and managed this loan closing.
