Associated Bank announced the completion of syndicated financing in the amount more than $36 million for Rockwell Partners to acquire and redevelop the 356-unit Huntington Condos, 20 South Naper Blvd., at the intersection of Naper Blvd. & Maple Ave. in Naperville, Illinois.
Following the acquisition of 313 condominium units operated as apartments by the previous owner, and the acquisition of another 43 units from their respective owners, Rockwell Partners plans to remove the condominium ownership structure encumbering the property and return the project to its income-producing multi-family ownership structure in effect prior to the 2007 condominium conversion. The loan will also enable them to renovate units, as well as make capital improvements to the buildings and add amenities.
Associated Bank was the lead arranger Administrative Agent with a $20 million hold, with First Midwest Bank holding the remainder of the $36.267 million loan. Vice President Michael Olson of the Commercial Real Estate division of Associated Bank managed the loan and closing.