Associated Bank completed a $16.5 million loan towards the $22 million total acquisition price of Eleven5 Lake Apartments at 115 Lake St. in Libertyville, Illinois.
The property is a stabilized mixed-use property with 34 apartment units with 41 dedicated apartment parking spaces, and 25,147-square feet of ground-floor commercial space.
The apartments consist of a mix of four studios, eight one-bedroom/one-bath units, 12 two-bedroom/two-bath units and 10 three-bedroom/two-bath units. The apartments were 97-percent occupied at the time of acquisition. The commercial space is 100-percent occupied by five tenants: TLP Management and four restaurants: Egg Harbor Café, Shakou, The Board Room and Casa Bonita.
The property is located at the intersection of Milwaukee and Lake Streets in downtown Libertyville, and conveniently a block south of the Libertyville stop on the Metra Milwaukee District North line.
Daniel Barrins, a senior vice president with Associated Bank’s Commercial Real Estate division in Chicago, managed the loan arrangements and closing. The JLL Capital Markets team of Philip Galligan, Annie Thomas, Merrick Evans and Patricia Heminger arranged the debt on behalf of the sponsor.
