Associated Bank contributes $16.5M for Libertyville, Illinois, mixed-use apartment acquisition

CHICAGO - October 16, 2026 - Associated Bank announced completion of a $16,500,000 loan towards the $22,000,000 total acquisition price of Eleven5 Lake Apartments at 115 Lake Street in Libertyville, Illinois. The property is a stabilized mixed-use property with 34 apartment units with 41 dedicated apartment parking spaces, and 25,147-square feet of ground-floor commercial space.

The apartments consist of a mix of four studios, eight one-bedroom/one-bath units, 12 two- bedroom/two-bath units and 10 three-bedroom/two-bath units. The apartments were 97-percent occupied at the time of acquisition. The commercial space is 100-percent occupied by five tenants: TLP Management and four restaurants: Egg Harbor Café, Shakou, The Board Room and Casa Bonita.

The property is located at the intersection of Milwaukee and Lake Streets in downtown Libertyville, and conveniently a block south of the Libertyville stop on the Metra Milwaukee District North line.

Daniel Barrins, a senior vice president with Associated Bank's Commercial Real Estate division in Chicago, managed the loan arrangements and closing. The JLL Capital Markets team of Philip Galligan, Annie Thomas, Merrick Evans and Patricia Heminger arranged the debt on behalf of the sponsor.

Associated Bank's Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $52 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri and Nebraska. The Company also operates 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. More information about Associated Banc-Corp is available at www.associatedbank.com