Associated Bank Arranges $145M Loan for MN Office Building
Associated Bank completed a $145,175,000 financing package for the Ryan Companies, for the construction of a three-story, single-tenant Class A office and laboratory building in Maple Grove, Minnesota.
Steve Clifford, a senior vice president with Associated Bank’s Commercial Real Estate Division, handled the loan arrangements and closing. The syndicated deal included a total of four lenders, with Associated Bank holding $50 million of the total financing package. The other three participants are First National Bank of Omaha, Alerus Financial and Johnson Bank.
The new build-to-suit facility will be constructed on a roughly 38-acre parcel approximately 25 miles northwest of Minneapolis-St. Paul. The 400,000-square-foot building will include approximately 320,000 square feet of office and 80,000 square feet of state-of-the-art laboratory space. Construction has begun and is expected to be completed in late 2025.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.