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Associated Bank completes $28.35M loan for Chicago transit-oriented apartments

The five-story project will add 99 units, including 84 market-rate and 15 affordable homes, with completion planned for 2027.

Reported · Written up by our desk · Residential

Associated Bank announced it has completed a $28.35 million loan to a joint venture between North Park Ventures and SNS Realty Group for a transit-oriented residential development in Chicago.

The financing includes funds to acquire the former Tortenson Glass Co. site, comprising nearly 30,000 square feet of urban infill land on the east side of Sheffield between Belmont and School Streets.

The project calls for a five-story, 99-unit apartment building, with 84 market-rate units and 15 affordable units, plus a unit mix of four studios, 46 one-bedroom units, and 49 two-bedroom units.

Demolition of the existing structures is set to begin shortly, and the new building is planned for completion in 2027, according to ConnectCRE.

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