Associated Bank has closed $38.4 million of construction financing with the partnership of Sy Taxman, Tim Barrett, Gene Porto, Sears, and the City of Chicago for the development of a 133,604-square-foot Mariano’s-anchored retail center at 1800 W. Lawrence, Chicago. In addition to Mariano’s, the center is leased to LA Fitness and Sears Auto.
The construction loan, led by Associated Bank, was syndicated with Fifth Third Bank.
“Taxman, Barrett, and Porto are longstanding and valued clients of Associated Bank,” said Ted Notz, senior vice president and relationship manager for Associated Bank commercial real estate. “The partners have tremendous experience developing high quality retail around Chicagoland, many of which are grocery anchored centers. The partners just completed the successful delivery and opening of The Gateway, another Mariano’s anchored retail center in the West Loop.”
“The total development team involved on the Ravenswood Station retail project is honored to be part of this exciting commercial venture in one of Chicago’s most vibrant and vital neighborhoods,” said Sy Taxman, CEO and founder of Skokie-based Taxman Corp. “Without the guidance and support of Alderman Pawar and his staff this site would not and could not be developed. We are grateful to the alderman, the DHED (Department of Housing and Economic Development) and Commissioner Andy Mooney for their direction in helping us to define the best possible way to recognize and enhance the great potential of this outstanding urban location.”
“Associated Bank is proud to be part of this project, which is helping fill what is viewed to be a largely underserved grocery market in the Ravenswood neighborhood,” Notz said.
