Associated Bank Closes $ 37.8 Million Loan for Chicago Apartment Buildings
Affiliated Bank took out a home loan of $ 37,800,000 Brand manufacturers and Kayne Anderson real estate for the renovation of an 18-story apartment building on W. Harrison Street in Chicago in 1926. The building is located in the Illinois Medical District and is within walking distance of Rush University Medical Center and the Hyatt House.
The renovation includes a total of 272 studio, one, two and three-room apartments. Low rents are offered for 52 units. Improvements in the public areas include a fitness center, a co-working space, a rooftop terrace and a dog run. The renovation is scheduled to be completed in August 2021.
Marquette Companies is a fully integrated real estate company with more than $ 1.9 billion in housing and mixed-use properties in its investment portfolio. Marquette Management, Inc. is the property management company with currently over 11,000 residential units under management.
Kayne Anderson Real Estate is a private equity real estate company with an operator-centric investment platform focused on medical offices, quality senior housing, student dormitories / apartment buildings, and self-storage. Co-founded in 2007, KA Real Estate manages over $ 10 billion in assets in its opportunistic equity, core equity and real estate loan funds.
Associated Bank was the lead arranger and administrative agent and worked with Wheaton Bank and Trust. Elizabeth Hozian, Senior Vice President, Commercial Real Estate Division of Associated Bank, handled the loan agreements and closing.