Associated Bank recently provided more than $6.5 million in construction financing to a Terraco-sponsored group to construct a 13,000-square-foot grocery store in Evanston. The location is scheduled to open in 2013.
“Associated Bank is very pleased to be working with such an experienced retail developer as Terraco on this construction financing,” said Rosemary C. Kehr, senior vice president, Associated Bank commercial real estate.
Terraco was founded in 1985 by Lisa and Scott Gendell. Terraco has developed more than 90 properties totaling more than 5 million square feet. Terraco has been involved in more than 1,500 lease transactions throughout its 27-year history.
Kevin Gazley, senior vice president of Terraco noted the high level of cooperation between the City of Evanston and Northwestern University was critical in assembling the land for the re-development.