Associated Bank announced the syndication of a $45,900,000 construction loan with The PrivateBank to 3030 N Broadway, LLC, a joint venture partnership between Sy Taxman, Tim Barrett, Gene Porto, and Newport Capital Partners. The project, located at 3030 N. Broadway in Chicago’s Lakeview neighborhood, will be a new 132,000 sq. ft. retail center anchored by Mariano’s and XSport Fitness. Mariano’s, one of four retail grocery store brands owned by Roundy’s, a leading Midwest grocer, will occupy around 73,000 sq. ft. on both the first and second levels, XSport Fitness will have 44,500 sq. ft. on the fifth floor.
The property has been used as a surface parking lot since a Dominick’s grocery store there burned down in 2005. When it opens in the summer of 2016, the development will also include small retail shops on the ground level and 245 parking spaces in a two-level structure, along with another 20 surface parking spots.
Senior Vice President Edward “Ted” Notz, from the Commercial Real Estate division of Associated Bank’s Chicago office originated the loan and managed its closing. Headquartered in Chicago, Associated Bank’s Commercial Real Estate division is committed to providing its clientele of developers/owners/operators of commercial real estate with financing solutions and an array of products and services catering to the unique demands of their business. The Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio and Wisconsin.