Associated Bank recently completed $38 million in financing for the conversion of a former Chicago warehouse and vacant lot at 678 N. Kingsbury into 41 luxury condominium units.
Prices for The Ronsley condominiums will average $600 per square foot for units ranging in size from 1,500 square feet to a 4,600-square-foot penthouse.
The conversion project, which sits in River West near Erie Cafe and the Ohio Street ramp to I-90/94, will integrate the existing warehouse building with a new building constructed on the adjacent triangular shaped lot. The end unit at the intersection of Erie and Kingsbury will be a separate townhouse unit.
The Ronsley Condominiums are being developed by LG Construction + Development, a Chicago- based residential and commercial developer. Construction recently began with completion anticipated by summer 2017. Over half of the units were pre-sold by the time of loan closing.
Associated Bank was the co-lead arranger with Private Bank, and Centrue Bank also participated. Vice President Michael McGovern of the Commercial Real Estate division of Associated Bank managed the loan and closing.