Chicago’s Associated Bank recently provided a $13.8 million redevelopment loan to Life Storage/LSC Development in Chicago.
The loan will be used to convert the 114,144-square-foot Stein Furniture building located at 1030 W. North Ave. into a mixed-use development with more than 500 units of self storage and 58,000 square feet of commercial retail and office spaces.
“Life Storage is a valued client of Associated Bank, having consummated the financing of eight self storage properties over recent years,” said Ted Notz, relationship manager, Associated Bank Commercial Real Estate.
Life Storage brand was developed by partners Christopher Barry and Jean Jodoin in 2002. Life Storage owns and operates 20 facilities throughout the Chicago area. Two additional facilities are planned to open in 2012.
“We’ve been looking in this area for a while, and the close proximity to prominent retailers will offer us really great exposure,” said Barry. “As a company, we’re constantly trying to find prime areas to open new facilities, and we take great care and perform our due diligence before taking that next step. We are truly thrilled with our new location.”
