Associated Bank Closes $22.6M Retail Real Estate Loan for Chase Plaza Redevelopment in Buffalo Grove, IL

Associated Bank has finalized a $22.6 million loan to Shorewood Development Group for the acquisition and renovation of a vacant 66,083-square-foot former grocery store at 1160 W. Lake Cook Road in Buffalo Grove, Illinois, the bank announced April 30, 2026. The commercial real estate financing marks the 13th loan Associated Bank has extended to Shorewood Development Group.

The retail real estate development, branded as Chase Plaza, will convert the long-vacant property — located at the intersection of Lake Cook and Arlington Heights Roads — into a two-tenant, grocery-anchored retail building. The project will be anchored by Sprouts Farmers Market, which will bring a new grocery option to the area, alongside Club Studio fitness center, which will open its first location in the northwest Chicago suburbs. The acquisition also included an outlot site.

Real Estate Acquisition and Redevelopment Details

The Chase Plaza redevelopment is a value-add retail real estate project targeting a property that has sat vacant for years. Shorewood Development Group, a full-service, tenant-driven retail developer, will oversee the renovation and conversion of the former grocery store into a multi-tenant retail format. The company specializes in quality developments that leverage relationships in the real estate and investment community to advance challenging growth plans.

Daniel Barrins, a senior vice president with Associated Bank's Commercial Real Estate division in Chicago, managed the loan arrangements and closing. The transaction covers both acquisition financing and renovation costs for the Buffalo Grove property.

Commercial Real Estate Financing and Lender Background

Associated Bank's Commercial Real Estate division provided the $22.6 million in financing for the deal. The division maintains offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas, and Wisconsin, and offers financing solutions to commercial real estate developers, owners, and operators across the Midwest.

Associated Banc-Corp (NYSE: ASB), the parent company of Associated Bank, reported first-quarter 2026 net income available to common equity of $117 million, or $0.70 per common share, as of April 23, 2026. The Green Bay, Wisconsin-based bank holding company has approximately $50 billion in total assets and operates more than 200 banking locations across Wisconsin, Illinois, Iowa, Minnesota, Missouri, and Nebraska. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender, and Member FDIC.

The Chase Plaza loan represents the 13th financing Associated Bank has closed with Shorewood Development Group, underscoring an ongoing lending relationship between the two firms in the retail real estate development sector.

About the Borrower: Shorewood Development Group

Shorewood Development Group, LLC is a full-service retail developer focused on tenant-driven projects. The firm specializes in repositioning challenging retail sites by leveraging relationships with tenants and capital partners. The Chase Plaza redevelopment in Buffalo Grove is consistent with the company's stated focus on converting underperforming or vacant retail assets into productive, multi-tenant properties.

More information about Associated Banc-Corp is available at www.associatedbank.com.