REBusinessOnline

Associated Bank Finances Apartment Conversion in Chicago’s North Side

CHICAGO — Associated Bank has completed a $1.45 million construction loan for the conversion of an existing office building into an apartment property. City Pads LLC is developing the property, which will feature 10 apartments at 5701 N. Ashland Ave. in Chicago’s Andersonville neighborhood. The completed project will offer eight two-bedroom and two one-bedroom units, with one affordable apartment that will be rented at 60 percent of the rental rate. All units will feature condo-quality finishes including granite countertops, stainless steel appliances, hardwood floors, individual HVAC, updated bathrooms and on-site parking. Michael McGovern of Associated Bank originated and managed the loan.

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