Associated Bank recently announced the completion of $49 million in financing for commercial projects in Champaign, Glenview and Peoria, Ill.
Campus Acquisition Retail & Hospitality and YG Hotel Investors – $19.4 million syndicated loan, led by Associated Bank, for construction of the nine-story Champaign Hyatt Place at 217 N. Neil St. in Champaign. The new Hyatt will include 145 rooms, 3,300 square feet of meeting space, a restaurant and lounge, indoor pool, exercise room and business center, with an integrated three-story, 145-stall parking garage. This select-service lodging facility is scheduled to open in March 2014. CA Retail & Hospitality is a division of CA Ventures, a family of companies led by Tom Scott specializing in real estate investments. Scott is the CEO of Campus Acquisition and has more than 25 years of real estate finance, accounting, development, acquisition and asset-management experience. On this development, he partners with Hans Grotelueschen, the CEO of YG Financial Group. Grotelueschen has more than 15 years of experience providing financial consulting and tax services to business and individual clients. Senior Vice President Craig Przygoda of the Commercial Real Estate Banking division of Associated Bank managed the loan closing.
LSC Development/Life Storage – $8.7 million for the acquisition and conversion of a vacant two-story office building at 1205 Milwaukee Road in Glenview into LSC’s newest self-storage project. LSC will create more than 85,000 square feet of self-storage, including 20 office suites, at the site. Principals of LSC are Christopher Barry and Jean Jodoin of Barrington, Ill. According to Jodoin, “It was a pleasure to work with Associated because they took the time to understand our business and worked hard to structure a mutually beneficial loan.” Senior Vice President Edward Notz of the Commercial Real Estate Banking division of Associated Bank managed the loan closing.
Cullinan Medical – $21 million for the refinance of the HeartCare Midwest Medical Office Building, 5405 N. Knoxville Ave. in Peoria. The 90,000-square-foot atrium-design medical office building was constructed in 2006 and is fully leased to HeartCare Midwest, the largest cardiology practice in central Illinois and a subsidiary of OSF Healthcare Systems. The building is located at the intersection of Knoxville and War Memorial Drive at the entrance to the Proctor Hospital Medical Campus. Formed in 1988, Cullinan Companies Inc. has developed more than $600 million of commercial real estate projects and employs more than 100 people in Peoria, Chicago and St. Louis. The company self-manages and/or provides third-party management and leasing services for a range of properties totaling more than 6.6 million square feet. They have a 20-year history of developing, owning and self-managing medical office buildings leased to major health care systems and their affiliates in the central Illinois market. Senior Vice President Jaki Becker of the Commercial Real Estate Banking division of Associated Bank managed the loan closing.