Associated Bank has finalized a $16.5 million loan supporting the acquisition of Eleven5 Lake Apartments, a stabilized mixed-use asset at 115 Lake Street in Libertyville, Illinois. The financing backs a total purchase price of $22 million for the property, which is positioned in the heart of downtown Libertyville.
Eleven5 Lake Apartments combines multifamily housing with ground-floor commercial space. The residential component consists of 34 apartment units served by 41 dedicated parking spaces. The unit mix includes studios as well as one-, two-, and three-bedroom layouts, indicating the building is designed to appeal to a range of household sizes and renter profiles.
The commercial portion of the property totals 25,147 square feet on the ground floor and is fully leased to five tenants. Current occupants include TLP Management, Egg Harbor Café, Shakou, The Board Room and Casa Bonita, providing a mix of restaurant, hospitality and service-oriented uses that complement the rental housing above.
At the time of acquisition, the residential units were 97 percent occupied, while the retail and commercial space was 100 percent leased. This high level of stabilization on both the multifamily and commercial sides underscores the property’s established tenancy and income profile at closing.
The building is located at the intersection of Milwaukee Avenue and Lake Street in downtown Libertyville. It sits one block south of the Libertyville station on Metra’s Milwaukee District North commuter rail line, offering residents and commercial tenants convenient access to regional transit connections and surrounding employment centers.
On the lending side, Daniel Barrins, a senior vice president in Associated Bank’s Commercial Real Estate division based in Chicago, handled the loan structuring and closing process. Barrins oversaw the bank’s execution from origination through funding for the sponsor’s acquisition.
Debt placement for the transaction was arranged by the JLL Capital Markets team of Philip Galligan, Annie Thomas, Merrick Evans and Patricia Heminger. Working on behalf of the sponsor, JLL coordinated the financing assignment and sourced the Associated Bank loan that ultimately supported the $22 million purchase of Eleven5 Lake Apartments.
The transaction highlights active bank participation in financing stabilized, mixed-use assets in walkable downtown environments, particularly those offering both strong apartment occupancy and fully leased street-level commercial space at the time of sale.
