Developer gets loan for Tesla sales/service center and adjacent parcel in Buffalo Grove
Shorewood Development Group has acquired a loan package from Associated Bank to finance a new automotive sales and service center in Buffalo Grove.
The primary financing is for the build-to-suit development of a 50,720-square-foot, single-tenant Tesla center at the southeast corner of Dundee Road and Old Arlington Heights Road in Buffalo Grove.
It’s the site of a former Rohrman auto dealership that has been vacant for more than 14 years. The property fronts Dundee Road and is across the street from Buffalo Grove High School.
The loan package includes a separate loan to finance acquisition and site work for a 10.58-acre adjacent parcel that consists of 4.89-acres zoned retail and 5.69-acres zoned residential.
The retail property can accommodate two buildings with a combined 30,000 to 40,000 square feet of retail space. The residential parcel is under contract to be sold to a local apartment developer to build four, 4-story residential buildings with a total of 197 units.
Shorewood Development Group specializes in repositioning existing buildings and ground-up construction of retail projects throughout the Midwest.
Daniel Barrins, a senior vice president with Associated Bank’s Commercial Real Estate Division, originated the loan.