Associated Bank has provided a construction loan to support a new multifamily development in Chicago’s Uptown neighborhood. The bank recently closed a $7.62 million loan with CEDARst Companies for a five-story, 40-unit apartment building at 4725 N. Clifton Avenue, just south of Lawrence Avenue. The transaction underscores ongoing lender interest in well-located, transit-oriented multifamily projects in established urban districts.
The property, known as Clifton Uptown, is situated in the Uptown Square Historic District. The new building will deliver a mix of 12 studio apartments and 28 one-bedroom units, targeting renters seeking smaller-format housing in a dense, amenity-rich corridor. In addition to the residential component, plans call for 1,839 square feet of ground-floor retail space, adding a street-level commercial element along Clifton Avenue.
The transit-oriented nature of the project is a defining feature. Clifton Uptown is immediately adjacent to the Chicago Transit Authority’s Red Line Lawrence Station, which is nearing completion of a $2.1 billion modernization effort. The proximity to this upgraded station is expected to enhance accessibility for future residents and retailers, tying the project directly into one of the city’s primary north-south transit corridors.
Within Associated Bank, the financing was led by Daniel Barrins, a senior vice president in the bank’s Commercial Real Estate division, who managed the loan structuring and closing process. While specific loan terms beyond the total commitment were not disclosed, the construction financing will support development of the residential and retail components through completion.
Clifton Uptown also builds on an existing relationship between CEDARst and Associated Bank in the immediate area. The new project is located across the street from another CEDARst undertaking, the Bridgeview Bank Building redevelopment, which was also financed by Associated Bank. CEDARst acquired that property in 2019, and the two projects together represent a concentrated cluster of investment activity along this stretch of Uptown.
The loan closing reflects continued capital deployment into multifamily product in transit-served Chicago neighborhoods, particularly where public infrastructure improvements, such as the Red Line modernization, are already underway. As construction progresses, Clifton Uptown is positioned to add new housing options and neighborhood-serving retail in a historic, transit-linked submarket.
