MILWAUKEE, Wis. – October 28, 2021 – Associated Bank announced completion of a $16.9 million financing package for Gorman and Company, LLC and Impact Seven for the construction of Landsby Ridge, a new 51-unit, multi-family housing project located at 400 West Garfield Street in downtown Mount Horeb, Wisconsin.


Associated Bank provided a total of $9,217,800 in loan proceeds and Associated Community Development provided Federal Low Income Tax Credit (LIHTC) equity of $7,029,296. Associated Bank also sponsored a $690,000 Affordable Housing Project (AHP) grant from the Federal Home Loan Bank of Chicago. Royal Bank of Canada is the tax credit syndicator for the project. Construction is now underway with completion anticipated in the third quarter of 2022.


The project will include 46 units affordable by families earning 30 to 60 percent of the Area Median Income (AMI) and five units that will be rented at market rates. The unit mix will include one-, two- and three-bedroom units. Eleven apartments will be supportive housing units at 30-percent AMI, making them affordable by very low-income families. Supportive services for these 11 units will be provided by Lutheran Social Services and Impact Seven.


Gorman and Company will serve as the co-developer, general contractor and property manager. Based in Wisconsin with offices in Phoenix, Miami, Denver and Chicago, the company specializes in downtown revitalization, the preservation of affordable housing, workforce housing and the adaptive reuse of significant historic buildings. Founded in 1970, Impact Seven is a Community Development Financial Institution (CDFI) specializing in the development of affordable and workforce housing, and providing flexible and affordable loan capital for businesses and community development projects in Wisconsin.


Bryan Schreiter, a vice president with Associated Bank’s Commercial Real Estate group, managed the loan closings. Stefanie Bachrach, vice president with Associated Community Development, the bank’s community development corporation, managed the equity investment.


Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.





Associated Banc-Corp (NYSE: ASB) has total assets of $34 billion and is Wisconsin’s largest bank holding company. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at