One of the major lenders for the redevelopment of the former Sears store at Brookfield Square mall in Brookfield is Green Bay-based Associated Bank, the bank announced.
[caption id="attachment_336638" align="alignright" width="314"] Rendering of redeveloped Sears property.[/caption]
Associated Bank has closed on a $29.4 million syndicated construction loan for the project, in which the 11,972-square-foot space at 115 S. Moorland Road is being demolished and an entertainment complex built in its place. Associated Bank is the lead arranger and administrative agent, holding $20.9 million of the loan. West Suburban Bank holds the rest.
The Sears store closed early this year, and mall owner CBL & Associates Properties demolished the store to make way for a Marcus Theatres BistroPlex and a WhirlyBall entertainment and food establishment. There will also be an Outback Steakhouse and an Uncle Julio’s Mexican Restaurant on nearby pad sites.
Construction is ongoing at Brookfield Square, and is expected to be complete in the third quarter of 2019.