Associated Bank closed a $4.7 million loan to Becovic Residential for the acquisition of The Winthrop Place, 5710 N. Winthrop Ave. in Chicago.
Built in 1929, the historic structure features 42 apartment homes, including 17 one-bedroom units and 25 spacious studio apartments.
Located in the heart of Edgewater and approximately seven miles north of the Loop, The Winthrop Place provides exceptional access to public transportation, educational institutions and recreational amenities. One of several examples of early 20th-century architecture in the renowned Bryn Mawr Historic District, the building is surrounded by a vibrant mix of restaurants, retail and entertainment along Broadway and Bryn Mawr Avenues, with proximity to Loyola University and Lake Michigan.
Founded in 1973, Becovic Residential is a family-owned residential real estate firm that celebrates its own immigrant story as a foundation for their commitment to the preservation of Chicago’s North Side neighborhoods and long-term investment in Chicago’s storied lakefront communities.
Elizabeth Hozian, a senior vice president with Associated Bank’s Commercial Real Estate division, managed the loan arrangements and closing.
