Associated Bank Closes Construction Loan for Chicago Transit-Oriented Apartments
Associated Bank recently announced completion of a $7.62 million construction loan to CEDARst Companies for a five-story, 40-unit apartment building located at 4725 N. Clifton Avenue, Chicago, just south of Lawrence Avenue.
Daniel Barrins, a senior vice president with Associated Bank’s Commercial Real Estate division, managed the loan arrangements and closing. Located in the heart of the Uptown Square Historic District, Clifton Uptown, the new transit-oriented development, will consist of 12 studio units, 28 one-bedroom units and 1,839 square feet of ground-floor retail space.
The site is conveniently adjacent to the CTA Red Line Lawrence Station, which is in the final stages of completing a $2.1 billion modernization project. Clifton Uptown is across the street from one of CEDARst’s other projects, the Bridgeview Bank Building, also financed by Associated Bank, which CEDARst acquired in 2019.
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Berkadia Negotiates Student Housing Property Sale in Kansas
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout