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Construction Loan Advances MXU in Madison O-Zone
Associated Bank acted as lead arranger and administrative agent for a $36.6-million loan to Stone House Development for construction of the Arden, a $54.6-million mixed-use project in Madison, WI. Associated held $22.6 million of the loan; the remainder was syndicated to Monona Bank and Oak Bank.
In addition, Associated Community Development, the bank’s Community Development Corporation, will provide up to $5 million of Opportunity Zone equity. Associated’s Bryan Schreiter handled the loan arrangements and closing, while Teresa Rubio at Associated Community Development managed the equity investment.
The project site is an Opportunity Zone 1.2 miles from the Wisconsin Capitol building. The 11-story Arden will incorporate approximately 51,000 square feet of retail and office, along with 126 apartments and enclosed parking for 293 vehicles.
The Arden will be adjacent to Stone House’s Lyric apartment project, constructed in 2016. The block will also incorporate the new Madison Youth Arts Center.
Connect Opportunity Zones will be presented for the first time on Oct. 23 in New York. For more information, or to register, click here.
Connect Chicago Fall 2019 will take place Oct. 29 in Chicago. For more information, or to register, click here.
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