LifeStorage, an operator of self-storage facilities in the Chicagoland area, recently secured a $13.8 million loan to convert the former Stein Furniture building at 1030 W. North Ave. into a mixed-use property featuring self-storage, retail and office space. The 114,144-square-foot building will include more than 500 self-storage units and 58,000 square feet dedicated to retail and offices.
The loan was issued by the Commercial Real Estate division of Associated Bank, which is headquartered in Chicago. LifeStorage is a valued client of Associated Bank, having consummated the financing of eight self-storage properties over recent years, said Ted Notz, relationship manager.
We've been looking in this area for a while, and the close proximity to prominent retailers will offer us really great exposure, said Christopher S. Barry, who co-founded LifeStorage in 2002 with Jean Jodoin. As a company, we're constantly trying to find prime areas to open new facilities, and we take great care and perform our due diligence before taking that next step. We are truly thrilled with our new location.
LifeStorage operates 20 self-storage locations throughout the Chicago area. Two additional facilities are scheduled to open this year.