Associated Bank announces the completion of $12,750,000 in financing for retail and residential projects with Chicago-based developer Marc Realty, which includes $7,500,000 for the acquisition and repositioning of Pine Village, a 638-lot manufactured housing community located on approximately 84 acres at 534 E. 37th Avenue in Hobart, Ind. The property is owned by a Marc Realty entity and venture partner, Northbrook, Ill.-based Ravinia Communities.
Marc Realty is a full-service commercial real estate company that owns, leases and manages a portfolio of over 40 properties in the greater Chicago area. Ravinia Communities owns and operates 14 manufactured housing communities in nine states, consisting of more than 3,000 sites.
Senior Vice President Edward “Ted” Notz, from the Commercial Real Estate division of Associated Bank’s Chicago office originated the loan and managed its closing. Headquartered in Chicago, Associated Bank’s Commercial Real Estate division is committed to providing its clientele of developers/owners/operators of commercial real estate with financing solutions and an array of products and services catering to the unique demands of their business. The Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio and Wisconsin.