Associated Bank has completed a $1,450,000 construction loan for the conversion of an existing office building into 10 apartments. The project, which is being developed by City Pads LLC, is located at 5701 N. Ashland in Andersonville on Chicago’s north side.
All units will all be renovated to condo-quality finishes including granite countertops, stainless steel appliances, hardwood floors, individual HVAC, updated bathrooms and on-site parking
Andy Ahitow, manager of City Pads’ $20 million portfolio, is also managing partner and co-founder of Chicago Apartment Finders. City Pads was started in June of 2015 to leverage the Chicago Apartment Finders operations and Andy’s experience operating urban real estate investments.
The loan was originated and managed by Vice President Michael McGovern of Associated’s Commercial Real Estate division.
