Shorewood Development Group Secures $22.6M Loan From Associated Bank For Chase Plaza Redevelopment
1160 Lake Cook Road
$22,600,000
$342/SF
Building Size
66,083 SF
Asset Type
Retail
Closing
Apr 30, 2026
AI
The transaction involves the acquisition and redevelopment of a vacant former grocery store located at 1160 West Lake Cook Road in Buffalo Grove, Illinois. The asset comprises 66,083 square feet of retail space and represents a significant investment in the area.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $22,600,000
- Lender: Daniel Barrins - Associated Bank
- Landlord: Louis Schriber III - Shorewood Development Group
- Market: Buffalo Grove
This deal marks Associated Bank's 13th financing agreement with Shorewood Development Group, reflecting a long-standing relationship between the two entities. The project, branded as Chase Plaza, will feature a two-tenant center anchored by Sprouts Farmers Market and a new Club Studio location.
Buffalo Grove Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.70%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93