Associated Bank recently closed a $36.84 million loan to a partnership of Marc Realty and Ravinia Communities for the acquisition and expansion of Oakbrook Estates, a manufactured community at 917 Crookedstick Court in Crystal Lake, Illinois.
Oakbrook Estates is an age-restricted, 300-home active-adult community. The purchase of the property included excess land on which another 114 home sites will be created.
Associated Bank was the lead arranger and administrative agent working with Great Southern Bank. Edward Notz, a senior vice president with Associated Bank’s commercial real estate division, handled the loan arrangements and closing.
