Associated Bank has closed on an $11,245,000 loan to Shorewood Development Group to refinance an existing land acquisition loan, and provide funds for the construction of The Shops of Buffalo Grove in Buffalo Grove, IL. The 25-acre retail development will be shadow-anchored by the area’s newest Woodman’s Market and a standalone Chase Bank.

VP Daniel Barrins, with Associated Bank’s commercial real estate division, originated the loan. It represents the bank’s 10th loan to Shorewood.

The development, consisting of two buildings totaling 36,007 square feet, will serve the communities of Buffalo Grove, Riverwoods, Lincolnshire, Deerfield and Wheeling. Existing signed leases include Starbucks, T-Mobile, Mod Pizza, Panera Bread and Great Clips. Tenants are expected to be open for business in the spring.

Shorewood specializes in repositioning existing buildings and ground-up construction of retail projects. Partners Aaron Roth and Louis Schriber III founded Shorewood in 2007.