Associated Bank Closes $28.35M Loan for North Park Ventures and SNS Realty Group Chicago Transit-Oriented Development
Associated Bank has finalized a $28,350,000 loan to a joint venture of North Park Ventures and SNS Realty Group for the development of a transit-oriented residential project at 3233–3247 North Sheffield Avenue in Chicago's Lakeview neighborhood, the bank announced July 27, 2026.
The loan includes funds for the acquisition of the former Tortenson Glass Co. site, which comprises nearly 30,000 square feet of urban infill land on the east side of Sheffield Avenue between Belmont and School Streets. Demolition of the existing structures is set to begin shortly, with project completion targeted for 2027.
Project Details: Unit Mix, Amenities, and Transit Access
The development calls for a five-story, 99-unit apartment building offering 84 market-rate units and 15 affordable units — an affordable component of approximately 15 percent. The unit mix consists of four studios averaging 500 square feet, 46 one-bedroom units averaging 750 square feet, and 49 two-bedroom units averaging 1,150 square feet.
Resident amenities will include a club room with co-working space, a wellness center with a sauna, a fully amenitized rooftop deck with a dog run, and a bike room. The site will also provide parking for 25 cars at the rear — a ratio of roughly 0.25 spaces per unit, consistent with Chicago's transit-oriented development ordinances that permit reduced parking near CTA stations.
The property sits steps from the Belmont Red, Purple, and Brown Line CTA station, one of the North Side's primary transit transfer points. The low parking ratio and proximity to the Belmont station position the project within Chicago's framework for transit-oriented development, where reduced automobile dependence is a core design principle.
Loan Structure and Key Parties
Daniel Barrins, a senior vice president with Associated Bank's Commercial Real Estate division in Chicago, managed the loan arrangements and closing. Associated Bank noted this is the first loan it has provided to North Park Ventures and SNS Realty Group.
North Park Ventures is a national private equity, vertically integrated real estate investment firm with property management, construction, leasing, and asset management capabilities in-house. SNS Realty Group focuses on residential development and holds a portfolio of completed projects in the greater Chicago area, including multi-family condominiums, townhomes, mixed-use developments, and single-family homes.
Associated Bank's Commercial Real Estate division maintains offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas, and Wisconsin.
Market Context: Multifamily Lending and TOD Investment in 2026
The financing arrives as commercial mortgage origination activity has expanded considerably in 2026. The Mortgage Bankers Association projects total commercial mortgage originations of roughly $805 billion for the year, up approximately 27 percent from 2025, reflecting improved liquidity and execution certainty across property types. CBRE projects commercial investment activity to increase about 16 percent in 2026 to roughly $562 billion, approaching pre-pandemic averages.
Within that broader environment, multifamily remains among the most active sectors for capital deployment. New multifamily completions are expected to reach nearly 470,000 units in 2026 — a roughly 6.4 percent increase — keeping competition elevated and directing capital toward differentiated, well-located product. Infill urban sites with strong transit access, mixed-income programming, and high-amenity offerings have drawn particular attention from lenders and investors prioritizing durable demand drivers.
The Sheffield Avenue project's combination of transit proximity, reduced parking, co-working amenities, and an affordable housing component reflects characteristics that have attracted capital in the current cycle. Chicago's Affordable Requirements Ordinance typically requires larger rental developments to include affordable units or pay in-lieu fees; the project's 15 affordable units satisfy that policy framework.
About Associated Banc-Corp
Associated Banc-Corp (NYSE: ASB) is headquartered in Green Bay, Wisconsin, and is the largest bank holding company based in that state, with total assets of approximately $50 billion. The company operates more than 200 banking locations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri, and Nebraska, and maintains loan production offices in Indiana, Kansas, Michigan, New York, Ohio, and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender, and Member FDIC.
Sources: Associated Bank Newsroom