Associated Bank Provides $21.1 Million Construction Loan For Development Site In Chicago

The asset involved is a development site located at 230 East Ohio Street in the Chicago market, consisting of a 93,707-square-foot office and retail building. The property is slated for conversion into 72 multifamily units and has a construction loan amount of $21,100,000 issued by Associated Bank.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $21,100,000
• Lender: Elizabeth Hozian - Associated Bank
• Landlord: Matt Katsaros - Wildwood Investments LLC
• Landlord: Drew Millard - Concord Capital
• Completion Date: December 2026
• Existing Retail Tenants: Dao Thai Restaurant, Eye Society, YA Skin Studio

This transaction involves key stakeholders, including Elizabeth Hozian representing Associated Bank as the lender. The landlords, Matt Katsaros from Wildwood Investments LLC and Drew Millard from Concord Capital, are collaborating on the renovation project to transform the existing property into multifamily housing while retaining the ground-floor retail operations.