Associated Bank closed a $17.495 million acquisition and construction loan for a joint venture project between JSM Ventures, Inc. and the CEDARst Companies.
The venture plans to renovate the non-retail floors of two former office buildings located at 1279 N. Milwaukee Ave. and 1300 N. Ashland Ave. in Chicago into an 86,660-square-foot self storage facility with 1,273 units. The project is expected to finish in late summer of 2017.
The two-buildings are part of the Wicker Park Commons, an urban infill retail shopping center with tenants that include Jewel, Lowe’s Ulta, Subway, Potbelly and Pet Supplies.
Centrum Properties was the seller of the office portion of the two buildings, excluding ground-floor retail, with an approximate total area of 156,009 square feet.
RREEF will continue to own the ground-floor retail space as a separate condominium. The Neighborhood Housing Services of Chicago located on the fourth floor of Milwaukee Ave. building will remain in place.
Daniel Barrins, Vice President in the Commercial Real Estate division of Associated Bank, originated the loan.