Associated Bank is providing a $ 12.9 million loan for the acquisition and renovation of a shopping center in the suburbs of Chicago

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The acquirer, a joint venture between Mavrek Development and GW Properties, plans to demolish the center and build a new five-story building comprising 59 apartments and 7,035 square feet of retail space.

CHICAGO – The 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 the Uptown area of ​​Chicago. The acquirer, a joint venture between Mavrek Development and GW Properties, plans to demolish the center and build a new five-story building comprising 59 apartments and 7,035 square feet of retail space. Plans call for larger units than those currently found in the Uptown area, as well as built-in workspaces, laundry facilities and private balconies. On the second floor there will be an outdoor household platform. Mavrek will also act as the general contractor. Daniel Barrins of Associated Bank was in charge of closing the loan.

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