Associated Bank recently completed a $29.4 million syndicated construction loan for the redevelopment of a former Sears building at Brookfield Square in the Milwaukee suburb of Brookfield, Wisconsin.
The redevelopment will transform the former department store at 115 S. Moorland Road into an 111,972-square-foot entertainment corridor.
Brookfield Square, which opened in 1967, is owned by CBL Properies. The redevelopment will deliver new dining and entertainment options, including a new-to-market concept, WhirlyBall, and BistroPlex from Marcus Theatres, which combines dining with movies in every auditorium.
Construction is underway and is estimated to be complete during the third quarter of 2019.
As lead arranger and administative agent, Associated Bank is holding $20.9 million of the loan with the remainder syndicated to West Suburban Bank. Vice president Mitchell Vega of the commercial real estate division of Associated Bank managed the loan and closing.