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Associated Bank Completes $22M Financing for WI Senior Development
Associated Bank has completed a $21.9 million financing package for Gorman and Company, LLC, for the renovation of Harbor at State and Main apartments at 141 Main Street and 65 Harborview Drive in Racine, Wisconsin.
Senior Vice President Bryan Schreite, with Associated Bank’s Commercial Real Estate Division, originated and managed the syndication package. Stefanie Bachrach, a senior vice president with Associated Community Development, managed the equity closing.
Associated Bank acted as lead bank and administrative agent on a $9.15 million construction/bridge loan and led a Federal Low-Income Housing Tax Credit equity investment of $11.97 million, both of which included syndications to Johnson Bank; provided a $1 million term loan and supported the $1 million Affordable Housing Program grant via the Federal Home Loan Bank of Chicago.
The funding will support the preservation and renovation of the 84-unit apartment complex. Upon completion, the unit mix will consist of 32 one-bedroom/one-bath units, 35 two-bedroom/one-bath units, and 17 two-bedroom/two-bath units.
