Associated Bank Provides $12.9M Loan for Acquisition, Redevelopment of Shopping Center in Chicago’s Uptown Neighborhood

CHICAGO — Associated Bank has provided a $12.9 million loan for the acquisition and renovation of a shopping center and surface parking lot located at 4501 N. Sheridan Road in Chicago’s Uptown neighborhood. The buyer, a joint venture between Mavrek Development and GW Properties, plans to demolish the center and build a new five-story property consisting of 59 apartment units and 7,035 square feet of retail space. Plans call for larger units than what can currently be found in the Uptown area as well as built-in workstations, in-unit laundry and private balconies. The second floor will feature an outdoor amenity space. Mavrek will also serve as general contractor. Daniel Barrins of Associated Bank handled the loan closing.