Associated Bank has completed more than $47 million in loans for two Chicago-area cold storage projects.
The first was an $8 million debt refinancing and construction loan to 120 Palatine LLC for capital improvements and leasing expenses of a formally vacant 115,000-square-foot cold storage/freezer food manufacturing/distribution facility at 120 West Palatine Rd. in Wheeling. The building was leased by Richelieu Foods.
Associated Bank was the lead arranger and administrative agent of a $39,554,331 facility credit for Wanxiang America Real Estate Group and Clarius Partners / Paulina North and Paulina South for a 227,700 sf cold storage warehouse/distribution center at 2302 S. Paulina Street.
The project, located in Chicago’s Pilsen neighborhood, is a build-to-suit for Preferred Freezer, which is expanding existing operations in Chicago and has taken a long-term lease on the facility.
Senior Vice President Edward (Ted) Notz of the Commercial Real Estate division of Associated Bank managed both loans.