Associated Bank Provides $3.8M Loan for Self-Storage Conversion in Cicero, Illinois
CICERO, ILL. — Associated Bank has provided a $3.8 million loan for the acquisition of two industrial buildings in Cicero. The borrower, JSM Venture Inc., plans to convert a 115,379-square-foot building into a 693-unit self-storage facility. The property, located at 1309 S. Cicero Ave., was formerly home to Brad Foote Gear Works. The self-storage facility will be climate-controlled and span 63,587 net rentable square feet. JSM’s acquisition also includes a 28,000-square-foot building that will either be demolished and paved for parking or improved and leased at a market rate. JSM is a Northfield, Ill.-based self-storage development company headed by John S. Mengel. Daniel Barrins of Associated Bank originated the loan, terms of which were not disclosed.