Associated Bank completed a $19,927,696 construction loan to Green Street Realty and Jackson Dearborn Partners for a student housing project adjacent to the University of Illinois at Champaign-Urbana. Alec Bliss, senior vice president in Associated Bank’s commercial real estate division, managed the loan and closing.
ICON, the six-story, 276-bed student housing building will be located at 309 East Springfield Avenue in the Campustown neighborhood of Champaign, Illinois. The project will have studio, one-, two-, three- and four-bedroom units with bed-to-bath parity. Amenities will include a fitness center, lobby and lounge area, as well as a third-floor deck with an outdoor grilling area. Ground has been broken and completion is anticipated in time for the start of the 2021/2022 school year.
Green Street Realty, located in Champaign, Illinois, specializes in the management of commercial and residential property. The company manages over 3,000 residential rental units, including over 3,500 student housing beds located on the University of Illinois, Illinois State University and Eastern Illinois University campuses.
Jackson Dearborn Partners is a real estate investment and development company specializing in multi-family and student housing. The company has four Opportunity Zone projects currently underway to add to its existing portfolio of assets.